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SHIB Bears Eye a Return to Sub-$0.0000110 on Shibarium Silence

By:
Bob Mason
Published: Jan 30, 2023, 02:30 GMT+00:00

DOGE extended its winning streak to five sessions on Sunday. However, SHIB could come under pressure as investors await Shibarium upgrade news.

DOGE and SHIB - technical analysis - FX Empire

In this article:

Key Insights:

  • Dogecoin (DOGE) and shiba inu coin (SHIB) enjoyed a bullish Sunday session, with DOGE extending its winning streak to five sessions.
  • Investor sentiment toward the Fed and easing contagion risk supported a bullish session.
  • The technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) rose by 2.27% on Sunday. Following a 0.92% gain on Saturday, DOGE ended the week up 1.81% to $0.0900.

A mixed start to the day saw DOGE fall to an early low of $0.0873. Steering clear of the First Major Support Level (S1) at $0.0852, DOGE rallied to a late morning high of $0.0911. Falling short of the First Major Resistance Level (R1) at $0.0923, DOGE slipped back before a late return to $0.0911. However, a late pullback left DOGE at $0.0900.

Shiba inu coin (SHIB) rose by 2.12% on Sunday. Following a 0.77% gain on Saturday, SHIB ended the week up 0.50% to $0.00001207.

Tracking the broader market, SHIB fell to an early low of $0.00001173. Steering clear of the First Major Support Level (S1) at $0.00001154, SHIB rose to a late high of $0.00001216. However, coming up short of the First Major Resistance Level (R1) at $0.00001220, SHIB eased back to end the day at $0.00001207.

Shibarium Silence Left Fed Sentiment to Deliver Support

It was another quiet session on Sunday. There were no Shibarium Network updates on the Shibarium upgrade to deliver a breakout session. Investors continued to wait for further details of the Shibarium upgrade, including transaction speeds, fees, and the upgrade date.

The Dogecoin Foundation was also silent over the weekend. There have been no updates since the launch of the Dogecoin Development Fund in December 2022.

However, last week’s Elon Musk plug refueled hopes of Twitter resuming its DOGE integration project.

While there were no updates to influence, the broader crypto market delivered support. Bets of a less aggressive Fed interest rate trajectory on easing inflationary pressures supported the crypto market. However, regulatory risk remains a headwind for investors to consider.

Investors need to monitor the crypto news wires for network updates today. FTX and Genesis news and regulatory chatter will also provide direction. In the afternoon session, the NASDAQ Index could also influence buyer appetite.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.56% to $0.0895. A mixed start to the day saw DOGE rise to an early high of $0.0910 before falling to a low of $0.0892.

DOGE sees early red.
DOGEUSD 300123 Daily Chart

Technical Indicators

DOGE needs to avoid a fall through the $0.0895 pivot to target the First Major Resistance Level (R1) at $0.0916. A move through the Sunday high of $0.0911 would signal a bullish DOGE session. 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 $0.0933 and $0.0950 would likely come into play. The Third Major Resistance Level (R3) sits at $0.0971.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0878 into play. However, barring another extended sell-off, DOGE should avoid sub-$0.0870 and the Second Major Support Level (S2) at $0.0857. The Third Major Support Level (S3) sits at $0.0819.

DOGE resistance levels in play above the pivot.
DOGEUSD 300123 Hourly Chart

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0871. 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 hold above S1 ($0.0878) and the 50-day EMA ($0.0871) would support a move through R1 ($0.0916) to bring R2 ($0.0933) and $0.0950 into view. However, a fall through S1 ($0.0878) and the 50-day ($0.0871) would give the bears a run at S2 ($0.0857). A fall through the 50-day EMA would deliver a bearish signal.

EMAs are bullish.
DOGEUSD 300123 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.66% to $0.00001199. A mixed start to the day saw SHIB rise to an early high of $0.00001214 before falling to a low of $0.00001195.

SHIB sees early red.
SHIBUSD 300123 Daily Chart

Technical Indicators

SHIB needs to avoid a fall through the $0.00001199 pivot to target the First Major Resistance Level (R1) at $0.00001224. A move through the Sunday high of $0.00001216 would signal an extended bullish session. However, SHIB would need more details on the Shibarium upgrade and broader market support to deliver a breakout session.

In the event of an extended rally, SHIB could test the Second Major Resistance Level (R2) at $0.00001242 and resistance at $0.00001250. The Third Major Resistance Level (R3) sits at $0.00001285.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001181 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00001170 and the Second Major Support Level (S2) at $0.00001156.

The Third Major Support Level (S3) sits at $0.00001113.

SHIB resistance levels in play above the pivot.
SHIBUSD 300123 Hourly Chart

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001171. The 50-day EMA moved away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A hold above S1 ($0.00001181) and the 50-day EMA ($0.00001171) would support a breakout from R1 ($0.00001224) to target R2 ($0.00001242) and $0.00001250. However, a fall through S1 ($0.00001181) and the 50-day EMA ($0.00001171) would give the bears a run at S2 ($0.00001156). A fall through the 50-day would send a bearish signal.

EMAs are bullish.
SHIBUSD 300123 4 Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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