SHIB and a Return to $0.000012 in the Hands of Shibarium Upgrade News

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) had a mixed Thursday session, with DOGE rising by 0.12% to buck the broader crypto market trend.
• A lack of network updates left DOGE and SHIB in the hands of the broader crypto market, which struggled with the latest updates on FTX.
• However, the technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) rose by 0.12%. Following a 2.86% gain on Wednesday, DOGE ended the day at $0.0866.

A mixed start to the day saw DOGE rise to an early high of $0.0876 before hitting reverse. Coming up short of the First Major Resistance Level (R1) at $0.0893, DOGE slid to an early afternoon low of $0.0845. However, steering clear of the First Major Support Level (S1) at $0.0827, DOGE revisited $0.0876 before easing back to sub-$0.0870 levels.

Shiba inu coin (SHIB) fell by 0.26% on Thursday. Following a 4.11% rally from Wednesday, SHIB ended the day at $0.00001162.

Tracking the broader market, SHIB rose to an early high of $0.00001187. Coming up short of the First Major Resistance Level (R1) at $0.00001211, SHIB slid to a late afternoon low of $0.00001138. However, steering clear of the First Major Support Level (S1) at $0.00001103, SHIB revisited $0.00001165 before easing back into the red.

Shibarium News Failed to Deliver a Breakout SHIB Session

On Thursday, Shibarium updates failed to distract investors from FTX news updates. Atomic announced support for Shibarium, saying,

“We’re going to support Shibarium Network in Atomic! The Layer2 Network will be running by SHIB Token for SHIB Army.”

While any news is good news regarding the Shibarium upgrade, there were no additional details from the Shibarium Network to deliver price support. Investors are currently waiting for transaction fees and transaction speed details, and, more importantly, an upgrade date.

News of a John Richmond SHIB collection also failed to draw buyers. On Thursday, the Italian designer provided a sneak peek at his latest collection on Twitter.

The Dogecoin Foundation was also silent on Thursday as investors await further updates on the Dogecoin Development Fund and Twitter’s integration plans.

A lack of updates left the pair in the hands of the broader crypto market. The release of the FTX creditor list weighed on investor sentiment, with the creditor list likely to draw the interest of US lawmakers and regulators.

Today, US economic indicators will likely influence, however. Following better-than-expected jobless claims and GDP numbers on Thursday, a pickup in personal spending and inflation could fuel fears of a more hawkish Fed.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 1.04% to $0.0857. A mixed start to the day saw DOGE rise to an early high of $0.0870 before falling to a low of $0.0837. DOGE briefly fell through the First Major Support Level (S1) at $0.0849.

Technical Indicators

DOGE needs to move through the $0.0862 pivot to target the First Major Resistance Level (R1) at $0.0880. A move through the Thursday high of $0.0876 would signal a DOGE rebound. However, the crypto news wires and network updates need to be DOGE-friendly to support a breakout session.

In the event of an extended rally, the Second Major Resistance Level (R2) at $0.0893 and $0.900 would likely come into play. The Third Major Resistance Level (R3) sits at $0.0924.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0849 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0830. The Second Major Support Level (S2) at $0.0831 should limit the downside. The Third Major Support Level (S3) sits at $0.0800.

The EMAs sent a bullish signal, with DOGE sitting at the 50-day EMA, currently at $0.0856. This morning, the 50-day EMA moved away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.

A breakout from the 50-day EMA ($0.0856) would support a move through R1 ($0.0880) to bring R2 ($0.0893) and $0.0900 into view. However, failure to move through the 50-day ($0.0856) would support a fall through S1 ($0.0849) to give the bears a run at the 100-day EMA ($0.0837) and S2 ($0.0831). A breakout from the 50-day EMA would deliver a bullish signal.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.60% to $0.00001155. A mixed start to the day saw SHIB rise to an early high of $0.00001169 before falling to a low of $0.00001130.

SHIB briefly fell through the First Major Support Level (S1) at $0.00001138.

Technical Indicators

SHIB needs to move through the $0.00001162 pivot to target the First Major Resistance Level (R1) at $0.00001187. A return to $0.00001180 would signal an extended bullish session. However, SHIB would need more details on the Shibarium upgrade and broader market support to deliver another breakout session.

In the event of an extended rally, SHIB could test the Second Major Resistance Level (R2) at $0.00001211. The Third Major Resistance Level (R3) sits at $0.00001260.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001138 in play. However, barring another extended sell-off, SHIB should avoid sub-$0.00001100. The Second Major Support Level (S2) at $0.00001113 should limit the downside.

The Third Major Support Level (S3) sits at $0.00001064.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001151. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A hold above the 50-day EMA ($0.00001151) would support a breakout from R1 ($0.00001187) to target R2 ($0.00001211). However, a fall through the 50-day EMA ($0.00001151) would support a slide through S1 ($0.00001138) to give the bears a run at S2 ($0.00001113) and the 100-day EMA ($0.00001097). A breakout from the 50-day would send a bullish signal.