Key Insights:
- Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in a bullish Wednesday session.
- While Fed meeting minutes tested investors late in the session, US economic indicators and the NASDAQ Index delivered mid-week support.
- The technical indicators are turning bullish, signaling further price gains.
Dogecoin (DOGE) rallied by 3.69% on Wednesday. Reversing a 1.40% loss from Tuesday, DOGE ended the day at $0.0731. Notably, DOGE avoided sub-$0.07 for the first time in eight sessions.
A mixed start to the day saw DOGE fall to an early low of $0.0701. Steering clear of the First Major Support Level (S1) at $0.0691, DOGE rallied to a late high of $0.0737. DOGE broke through the First Major Resistance Level (R1) at $0.0721. However, the Second Major Resistance Level (R2) at $0.0738 capped the upside.
Shiba inu coin (SHIB) rose by 2.95% on Wednesday. Reversing a 0.37% loss from Tuesday, SHIB ended the day at $0.00000838. SHIB avoided sub-$0.0000080 for the third consecutive session.
A mixed start to the day saw SHIB fall to an early morning low of $0.00000811. Steering clear of the First Major Support Level (S1) at $0.00000806, SHIB rallied to a late high of $0.00000852. SHIB broke through the Major Resistance Levels before a pullback through the Third Major Resistance Level (R3) at $0.00000845 to end the day at sub-$0.00000840.
A Bullish Crypto Session and Network Updates Delivered Price Support
On Wednesday, bullish sentiment swept the crypto market as investors celebrated Bitcoin’s birthday. Nakamoto mined the first Bitcoin block on January 3, 2009.
No other crypto events or external market forces supported the breakout morning session.
US economic indicators and the NASDAQ Index delivered direction in the afternoon session. Weaker than expected JOLTs job openings and deeper contraction in the US manufacturing sector provided more evidence that Fed monetary policy was taking effect.
However, late in the session, hawkish FOMC meeting minutes tested buyer appetite.
While the stats, the NASDAQ Index, and the Fed minutes provided direction, recent network updates have been the key to the upswing from late December levels.
The anticipated release of Shibarium and the launch of a development fund by the Dogecoin foundation have driven buyer interest. Hopes of Twitter resuming its project to integrate DOGE and other cryptos onto the payment platform have also provided support.
Today, US economic indicators and the NASDAQ Index will continue to influence. However, any network updates or Twitter chatter would have more impact on DOGE and SHIB.
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See all Dogecoin forecastsDogecoin (DOGE) Price Action
At the time of writing, DOGE was flat at $0.0731. A bullish start to the day saw DOGE rise to an early high of $0.0746 before falling to a low of $0.0725. The First Major Resistance Level (R1) at $0.0745 capped the upside.
Technical Indicators
DOGE needs to avoid a fall through the $0.0723 pivot to retarget the First Major Resistance Level (R1) at $0.0745 and the morning high of $0.0746. A return to $0.0740 would signal a bullish afternoon session. However, the crypto news wires and Twitter news need to be DOGE-friendly to support a breakout session.
In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.0759. The Third Major Resistance Level (R3) sits at $0.0795.
A fall through the pivot ($0.0723) would bring the First Major Support Level (S1) at $0.0709 into play. However, barring another extended sell-off, DOGE should avoid sub-$0.070 and the Second Major Support Level (S2) at $0.0687. The Third Major Support Level (S3) sits at $0.0651.
The EMAs sent a more bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0719. This morning, the 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bullish.
A move through the 100-day EMA ($0.0744) and R1 ($0.0745) would support a run at R2 ($0.0759). However, a fall through the 50-day EMA ($0.0719) would bring the Major Support Levels into view.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was up 0.48% to $0.00000842. A mixed start to the day saw SHIB fall to an early low of $0.00000832 before rising to a high of $0.00000843.
Technical Indicators
SHIB needs to avoid a fall through the $0.00000834 pivot to target the First Major Resistance Level (R1) at $0.00000856. A return to $0.00000850 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and updates on the Shibarium upgrade.
In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000875. The Third Major Resistance Level (R3) sits at $0.00000916.
A fall through the pivot would bring the First Major Support Level (S1) at $0.00000815 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000800 and the Second Major Support Level (S2) at $0.00000793.
The Third Major Support Level (S3) sits at $0.00000752.
The EMAs send a bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00000828. This morning, the 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The signals were bullish.
A move through R1 ($0.00000856) and the 200-day EMA ($0.00000857) would give the bulls a run at R2 ($0.00000875). However, a fall through the 100-day EMA ($0.00000828) would bring the 50-day EMA ($0.00000818) and S1 ($0.00000815) into play.
