SHIB Bulls Need a Shibarium Upgrade Date to Target $0.000013

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) had a mixed Wednesday session, with DOGE bucking a bullish broader market trend.
• Fed Chair Powell delivered the NASDAQ Index and the broader crypto market with a late rally, while DOGE trailed on news of Elon Musk’s Twitter account.
• The technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) fell by 1.88% on Wednesday. Partially reversing an 8.60% rally from Tuesday, DOGE ended the day at $0.0942.

A mixed start to the day saw DOGE rise to an early high of $0.0973 before hitting reverse. Coming up short of the First Major Resistance Level (R1) at $0.1000, DOGE slid to a late afternoon low of $0.0882. DOGE fell through the First Major Support Level (S1) at $0.0901 before finding late support to wrap up the day at $0.0942.

Shiba inu coin (SHIB) rose by 1.35% on Wednesday. Following a 2.52% gain on Tuesday, SHIB ended the day at $0.00001197.

Tracking the broader market, SHIB fell to a late afternoon low of $0.00001130. SHIB fell through the First Major Support Level (S1) at $0.00001150 before rallying to a late high of $0.00001205. Coming up against the First Major Resistance Level (R1) at $0.00001205, SHIB eased back to end the day at $0.00001197.

Fed Chair Powell Delivers Support While Elon Musk Goes Private

There were no updates from the Shibarium Network to support a SHIB breakout. The lack of Shibarium upgrade news left SHIB in the hands of Fed Chair Powell and the broader crypto market.

A market-friendly Fed Chair Powell press conference supported a late recovery. However, the upside was modest, with investors waiting on further Shibarium upgrade details, including the upgrade date.

However, DOGE succumbed to profit-taking on Wednesday. The late rebound reduced the deficit for the day as investors await further updates on Twitter’s plans to integrate DOGE onto the Twitter payment platform.

On Wednesday, Elon Musk announced plans to set his Twitter account to private, which likely contributed to the early DOGE reversal.

We expect further market reaction to the Fed Chair Powell press conference today. Later today, US economic indicators and the NASDAQ Index will also provide direction. However, network updates remain the key drivers.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 0.32% to $0.0945. A mixed start to the day saw DOGE fall to an early low of $0.0937 before rising to a high of $0.0961.

Technical Indicators

DOGE needs to avoid a fall through the $0.0932 pivot to target the First Major Resistance Level (R1) at $0.0983. A move through the Wednesday high of $0.0973 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 $0.1023 would likely come into play. The Third Major Resistance Level (R3) sits at $0.1114.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0892 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0850 and the Second Major Support Level (S2) at $0.0841. The Third Major Support Level (S3) sits at $0.0750.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0898. 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 ($0.0898) would support a breakout from R1 ($0.0983) to bring R2 ($0.1023) into view. However, a fall through the 50-day EMA ($0.0898) and S1 ($0.0892) would give the bears a run at the 100-day EMA ($0.0873). 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 up 1.25% to $0.00001212. A bullish start to the day saw SHIB rise from an early low of $0.00001197 to a high of $0.00001228. The First Major Resistance Level (R1) at $0.00001125 capped the upside.

Technical Indicators

SHIB needs to avoid a fall through the $0.00001177 pivot to retarget the First Major Resistance Level (R1) at $0.00001225. A return to $0.00001220 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 $0.00001252. The Third Major Resistance Level (R3) sits at $0.00001327.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001150 into play. However, barring a risk-off-fueled extended sell-off, SHIB should avoid sub-$0.00001100. The Second Major Support Level (S2) at $0.00001102 should limit the downside.

The Third Major Support Level (S3) sits at $0.00001027.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001174. 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 the 50-day EMA ($0.00001174) would support a move from R1 ($0.00001225) to target R2 ($0.00001252). However, a fall through the 50-day EMA ($0.00001174) would give the bears a run at S1 ($0.00001150) and the 100-day EMA ($0.00001140). A fall through the 50-day would send a bearish signal.