SHIB Bears Target a Return to $0.00001350 on Shibarium Silence

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in positive territory on Tuesday.
• Fed Chair Powell cooled Fed Fear, supporting a breakout session for the NASDAQ Index and the crypto market.
• The technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) rallied by 3.23%. Reversing a 2.50% loss from Monday, DOGE ended the day at $0.0926.

Bullish throughout the day, DOGE rallied from an early low of $0.0894 to a final-hour high of $0.0929. DOGE broke through the First Major Resistance Level (R1) at $0.0926 to end the day at $0.0926. While bullish, DOGE succumbed to Fed Chair Powell-driven market volatility late in the session.

Shiba inu coin (SHIB) rose by 2.13% on Tuesday. Reversing a 1.54% loss from Monday, SHIB ended the day at $0.00001438.

In a mixed start to the day, SHIB fell to a mid-morning low of $0.00001377. Finding support at the First Major Support Level (S1) at $0.00001373, SHIB rallied to a late high of $0.00001449. Coming up short of the First Major Resistance Level (R1) at $0.00001463, SHIB eased back to end the day at $0.00001438.

Fed Chair Powell Delivers Meme Coin Support

There were no Shibarium Network updates on the Shibarium upgrade to provide SHIB price support. The last update was on January 7, leaving investors waiting for an upgrade date and further upgrade details, including transaction fees and transaction speeds.

The Dogecoin Foundation has also been silent, with no material updates since launching the Development Fund. For DOGE, investors are also awaiting updates from Twitter on integration plans that would drive utilization.

However, with no network updates to influence, investors took their cues from Fed Chair Powell, the NASDAQ Index, and the broader crypto market. Fed Chair Powell cooled investor fears of a more aggressive interest rate path in response to the January Jobs Report. The NASDAQ Index rose by 1.90%, supporting the broader crypto market.

Today, investors need to monitor the crypto news wires for network updates. However, a lack of updates would leave DOGE and SHIB in the hands of Fed chatter and the NASDAQ Index. This afternoon, FOMC members Williams, Waller, and Barr will speak. Hawkish commentary would catch the markets by surprise.

Dogecoin (DOGE) Price Action

This morning, DOGE was flat at $0.0926. A mixed start to the day saw DOGE rise to an early high of $0.0935 before easing back.

Technical Indicators

DOGE needs to avoid a fall through the $0.0916 pivot to retarget the First Major Resistance Level (R1) at $0.0939. A move through the morning high of $0.0935 would signal a bullish DOGE session. However, the broader crypto market 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 $0.0951 would likely come into play. The Third Major Resistance Level (R3) sits at $0.0986.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0904 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0890 and the Second Major Support Level (S2) at $0.0881. The Third Major Support Level (S3) sits at $0.0846.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0918. This morning, the 50-day EMA pulled 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 the 50-day EMA ($0.0918) would support a breakout from R1 ($0.0939) to bring R2 ($0.0951) into view. However, a fall through the 50-day EMA ($0.0918) would give the bears a run at the S1 ($0.0904) and the 100-day EMA ($0.0900). A fall through the 50-day EMA would deliver a bearish signal.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.49% to $0.00001431. A mixed start to the day saw SHIB rise to an early high of $0.00001456 before falling to a low of $0.00001430.

Technical Indicators

SHIB needs to avoid a fall through the $0.00001421 pivot to target the First Major Resistance Level (R1) at $0.00001466. A return to $0.00001450 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 $0.00001493 and resistance at $0.00001500. The Third Major Resistance Level (R3) sits at $0.00001565.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001394 into play. However, barring a Fed-fueled extended sell-off, SHIB should avoid sub-$0.00001380 and the Second Major Support Level (S2) at $0.00001349.

The Third Major Support Level (S3) sits at $0.00001277.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001352. 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 Major Support Levels and the 50-day EMA ($0.00001352) would support a breakout from R1 ($0.00001466) to target R2 ($0.00001493) and $0.00001500. However, a fall through S1 ($0.00001394) would give the bears a run at the 50-day EMA ($0.00001352) and S2 ($0.00001349). A fall through the 50-day would send a bearish signal.