DOGE Jumps 13% to Target a Return to $0.100, with SHIB Eyeing a DOT Flip

Key Insights:

• Dogecoin (DOGE) and Shiba Inu Coin (SHIB) resumed their August rallies on Tuesday, with DOGE leading the crypto top 100.
• Once more, meme coins were the rage, while bitcoin (BTC) and several other top ten cryptos struggled amidst recessionary fears.
• Technical indicators are bullish, supporting Dogecoin’s (DOGE) number ten ranking and SHIB’s move towards the number 11 spot.

On Tuesday, Dogecoin (DOGE) rallied by 13.32%. Reversing a 6.24% loss from Monday, DOGE ended the day at $0.0868. Shiba Inu Coin (SHIB) also found support, rising by 3.60%. On Monday, SHIB slid by 9.76%.

A bullish Tuesday session saw DOGE rally from an early low of $0.0762 to an early afternoon high of $0.08979. DOGE broke through the First Major Resistance Level (R1) at $0.0808 and the Second Major Resistance Level (R2) at $0.0851.

A late sell-off saw DOGE fall back through R2 before a bounce back to end the day at $0.0894.

SHIB struck a late morning high of $0.00001658 before easing back to end the day at $0.00001581.

DOGE and SHIB brushed off investor jitters over the global economic outlook, with meme coins among the crypto front runners.

Meme Coins Dust Off Global Economic Woes in a Mixed Crypto Session

There were crypto news updates to deliver the DOGE breakout, with recent economic data from China and the US raising concerns over the global economic outlook.

Uncertainty over Fed monetary policy ahead of today’s FOMC meeting minutes also tested support for riskier assets. The NASDAQ 100 ended the day with a 0.19% loss, with WTI crude oil hitting reverse.

Meme coins demonstrated recession-proof attributes through the Tuesday session. While DOGE and SHIB are meme coins, adoption and token value continue to draw investor interest.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 1.39% to $0.00001603.

Technical Indicators

SHIB needs to avoid the $0.0000158 pivot to test the Tuesday high of $0.00001658 and the First Major Resistance Level (R1) at $0.0000166.

SHIB would need a bullish start to the session for the broader crypto market to support a return to $0.00001650.

In the event of an extended rally, SHIB should test the Second Major Resistance Level (R2) at $0.0000173 and resistance at $0.0000180. The Third Major Resistance Level (R3) sits at $0.0000188.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0000151 into play. Barring an extended sell-off throughout the day, SHIB should avoid sub-$0.0000150 and the Second Major Support Level (S2) at $0.0000144.

The Third Major Support Level (S3) sits at $0.0000129.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.0000141. Avoiding a fall through S1 to sub-$0.0000150 would support the breakout since moving through the 50-day EMA on August 10.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 3.00% to $0.0894.

Technical Indicators

DOGE needs to avoid the $0.0842 pivot to test resistance at $0.0900 and the First Major Resistance Level (R1) at $0.0923.

DOGE would need a bullish start to the session for the broader crypto market to support a return to $0.090.

In the event of an extended rally, DOGE should test the Second Major Resistance Level (R2) at $0.0977 and resistance at $0.100. The Third Major Resistance Level (R3) sits at $0.1112.

A fall through the pivot would bring the First Major Support Level at $0.0788 into play. Barring an extended sell-off throughout the day, DOGE should avoid sub-$0.0750 and the Second Major Support Level at $0.0707.

The Third Major Resistance Level sits at $0.0572.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0760. Avoiding a fall through S1 and the 50-day EMA would support the breakout since moving through the 50-day EMA on August 12.