SHIB Bulls to Retarget $0.000013 on Imminent Shibarium Upgrade

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) enjoyed bullish Thursday sessions, with DOGE seeing a four-day losing streak end.
• While network updates continued to support SHIB and meme coins, news of an FTX reboot delivered the bullish session.
• The technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) rose by 2.00% on Thursday. Partially reversing a 3.50% loss from Wednesday, DOGE ended the day at $0.0816.

A mixed start to the day saw DOGE fall to an early low of $0.0798. Steering clear of the First Major Support Level (S1) at $0.0753, DOGE rallied to a late high of $0.0823. However, coming up short of the First Major Resistance Level (R1) at $0.0872, DOGE eased back to end the day at $0.0816.

Shiba inu coin (SHIB) rose by 3.40% on Thursday. Following a 5.88% rally on Wednesday, SHIB ended the day at $0.00001155.

A mixed start to the day saw SHIB fall to a mid-morning low of $0.00001082. Steering clear of the First Major Support Level (S1) at $0.00001015, SHIB rallied to a late afternoon high of $0.00001179. However, coming up short of the First Major Resistance Level (R1) at $0.00001257, SHIB eased back to end the day at $0.00001155.

FTX News and Sentiment Toward the Shibarium Upgrade Delivered Support

There were no Shibarium Network updates to deliver the SHIB breakout session. However, expectations of an imminent upgrade continued to support a move toward $0.000012.

According to the Shibarium Network, the upgrade will increase transaction speeds while reducing fees. The Shibarium upgrade will also lead to a marked increase in SHIB burn rates.

Recent messaging suggests an imminent launch, which has supported the SHIB recovery from sub-$0.0000080 levels. Increased whale activity has contributed to the January breakout, with SHIB up 43.1% year-to-date.

Adding to the bullish mood was news of a possible FTX Reboot. According to the Wall Street Journal, new FTX chief John J. Ray III said he set up a task force to investigate restarting FTX.com. Reportedly, some customers have lauded the technology and intimated there would be value in a restart.

However, there were no Dogecoin Foundation or Twitter updates for investors to consider.

Today, network updates will remain the key drivers. However, broader crypto market sentiment will likely influence.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.49% to $0.0812. A mixed start to the day saw DOGE fall to an early low of $0.0809 before rising to a high of $0.0820.

Technical Indicators

DOGE needs to avoid a fall through the $0.0812 pivot to target the First Major Resistance Level (R1) at $0.0827. A return to $0.0820 would signal a bullish 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 $0.0837 would likely come into play. The Third Major Resistance Level (R3) sits at $0.0862.

A fall through the pivot ($0.0812) would bring the First Major Support Level (S1) at $0.0802 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0790 and the Second Major Support Level (S2) at $0.0787. The Third Major Support Level (S3) sits at $0.0762.

The EMAs sent a bullish signal, with DOGE sitting above the 100-day EMA, currently at $0.0800. This morning, the 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA pulled away from the 200-day EMA. The price signals were mixed.

A breakout from the 50-day EMA ($0.0820) would support a move through R1 ($0.0827) to bring R2 ($0.0837) and $0.0850 into view. However, a fall through S1 ($0.0802) and the 100-day EMA ($0.0800) would give the bears a run at the 200-day EMA ($0.0798) and S2 ($0.0787).

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.78% to $0.00001146. A mixed start to the day saw SHIB rise to an early high of $0.00001164 before falling to a low of $0.00001142.

Technical Indicators

SHIB needs to avoid a fall through the $0.00001139 pivot to target the First Major Resistance Level (R1) at $0.00001195. A move through the Thursday high of $0.00001179 would signal another 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 $0.00001236 and the Wednesday high of $0.00001295. The Third Major Resistance Level (R3) sits at $0.00001333.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001098 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00001050 and the Second Major Support Level (S2) at $0.00001042.

The Third Major Support Level (S3) sits at $0.00000945.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001058. 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 S1 ($0.00001098) and the 50-day EMA ($0.00001058) would support a breakout from R1 ($0.00001195) to target R2 ($0.00001236). However, a fall through S1 ($0.00001098) would give the bears a run at the 50-day EMA ($0.00001058) and S2 ($0.00001042). A fall through the 50-day would signal a shift in sentiment.