SHIB Bears Target Sub-$0.000010 on Shibarium Upgrade Silence

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) had a bearish session on Tuesday, with DOGE falling for the second time in six sessions.
• A lack of network updates left DOGE and SHIB in the hands of the broader crypto market and the NASDAQ Composite Index.
• However, the technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) slid by 5.08% on Tuesday. Reversing a 0.11% gain from Monday, DOGE ended the day at $0.0840.

A bullish start to the day saw DOGE rise to an early high of $0.0910. Coming up short of the First Major Resistance Level (R1) at $0.0912, DOGE slid to a late low of $0.0821. DOGE fell through the First Major Support Level (S1) at $0.0860 and briefly through the Second Major Support Level (S2) at $0.0836 before ending the day at $0.0840.

Shiba inu coin (SHIB) slid by 6.67% on Tuesday. Following a 0.17% loss on Monday, SHIB ended the day at $0.00001119.

Tracking the broader market, SHIB rose to an early high of $0.00001221. Coming up against the First Major Resistance Level (R1) at $0.00001220, SHIB slid to a late low of $0.00001090. SHIB fell through the Major Support Levels before a move through the Third Major Support Level (S3) at $0.00001116 to end the day at $0.00001119.

Shibarium Upgrade Silence and a Broad-Based Crypto Pullback Weigh

It was another quiet day for DOGE and SHIB, with no network updates to support further gains on Tuesday.

A lack of updates on the timelines for the Shibarium upgrade left SHIB on the back foot. Investors await further details on the post-Shibarium upgrade transaction speeds, fees, and, importantly, the upgrade date.

There were also no further updates since Dogecoin Foundation’s Development Fund launch to provide DOGE support. Twitter silence on its crypto integration plans has left DOGE short of a 2023 return to $0.10.

The lack of network updates left DOGE and SHIB in the hands of the broader market, which also weighed.

Today, network updates and whale activity will remain the key drivers. However, broader crypto market sentiment will likely influence. US corporate earnings and the NASDAQ Index will provide direction during the afternoon session.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was flat at $0.0840. A choppy start to the day saw DOGE slide to an early low of $0.0816 before rising to a high of $0.0845.

Technical Indicators

DOGE needs to move through the $0.0857 pivot to target the First Major Resistance Level (R1) at $0.0893 and the Tuesday high of $0.0910. A return to $0.0900 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 $0.0946 and $0.950 would likely come into play. The Third Major Resistance Level (R3) sits at $0.1035.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0804 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0800 and the Second Major Support Level (S2) at $0.0768. The Third Major Support Level (S3) sits at $0.0679.

The EMAs sent a bullish signal, with DOGE sitting above the 100-day EMA, currently at $0.0831. This morning, the 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA. The price signals were mixed.

A move through the 50-day EMA ($0.0855) would support a breakout from R1 ($0.0893) to bring R2 ($0.0946) and $0.0950 into view. However, a fall through the 100-day ($0.0831) and 200-day ($0.0816) EMAs would signal another extended sell-off. A move through the 50-day EMA would deliver a bullish signal.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.45% to $0.00001124. A mixed start to the day saw SHIB fall to an early low of $0.00001088 before rising to a high of $0.00001125.

Technical Indicators

SHIB needs to move through the $0.00001143 pivot to target the First Major Resistance Level (R1) at $0.00001197 and the Tuesday high of $0.00001221. A return to $0.00001200 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 $0.00001274. The Third Major Resistance Level (R3) sits at $0.00001405.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001066 in play. However, barring another extended sell-off, SHIB should avoid sub-$0.00001000. The Second Major Support Level (S2) at $0.00001012 should limit the downside.

The Third Major Support Level (S3) sits at $0.00000881.

The EMAs send a bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00001083. The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA. The signals were mixed.

A move through the 50-day EMA ($0.00001151) would support a breakout from R1 ($0.00001197) to target R2 ($0.00001274). However, a fall through the 100-day EMA ($0.00001083) would give the bears a run at S1 ($0.00001066). A move through the 50-day would signal a bullish shift in sentiment.