SHIB Eyes $0.00001250 on Shibarium Upgrade Silence and the SEC

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in negative territory on Wednesday.
• A lack of network updates or Twitter news left the pair in the hands of Fed and SEC chatter, which weighed on the crypto market.
• The technical indicators were mixed, with SHIB indicators signaling further price gains.

Dogecoin (DOGE) fell by 2.81% on Wednesday. Partially reversing a 3.23% rally from Tuesday, DOGE ended the day at $0.0900.

A bullish start to the day saw DOGE rise to an early high of $0.0935. Coming up short of the First Major Resistance Level (R1) at $0.0939, DOGE slid to a late afternoon low of $0.0885. DOGE fell through the First Major Support Level (S1) at $0.0904 to end the day at $0.0900.

Shiba inu coin (SHIB) slid by 4.31% on Wednesday. Reversing a 2.13% gain from Tuesday, SHIB ended the day at $0.00001376.

Tracking the broader market, SHIB rose to an early high of $0.00001456. Coming up short of the First Major Resistance Level (R1) at $0.00001466, SHIB slid to a late afternoon low of $0.00001349. Falling through the First Major Support Level (S1) at $0.00001394, SHIB found support at the Second Major Support Level (S2) at $0.00001349 to end the day at $0.00001376.

Shibarium Upgrade and Twitter Silence Leave the Fed and the SEC in Focus

There were no Shibarium Network updates on the Shibarium upgrade, 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.

With no network updates or Twitter news to guide investors, DOGE and SHIB sat in the hands of the Fed and the crypto news wires.

Following Fed Chair Powell’s crypto market-friendly speech on Tuesday, FOMC members Williams and Waller hit riskier assets on Wednesday.

FOMC member John Williams talked of a strong labor market and the need to do more to bring inflation to target. Williams reportedly said that a peak rate of 5%-5.25% is still a reasonable view that contrasted with Fed Chair Powell’s hope of rates staying below 5%.

FOMC member Christopher Waller reportedly spoke of needing to keep monetary policy tighter for longer than anticipated.

The hawkish chatter and Alphabet Inc. (GOOGL) sent the NASDAQ Index and the crypto market into the red.

However, SEC news added to the bearish mood and weighed on investor appetite this morning. Reports of the SEC investigating Kraken for the sale of unregistered securities and rumors of the SEC planning to ban crypto staking added to the bearish mood.

The Day Ahead

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 US economic indicators and regulatory chatter. This afternoon, US jobless claims could give the Fed hawks more voice at the expense of riskier assets.

However, updates on Kraken, US crypto staking, FTX, Genesis, and Silvergate Bank will also need consideration.

Dogecoin (DOGE) Price Action

This morning, DOGE was down 2.33% to $0.0879. A mixed start to the day saw DOGE rise to an early high of $0.0910 before falling to a low of $0.0849. DOGE briefly fell through the First Major Support Level (S1) at $0.0878 and the Second Major Support Level (S2) at $0.0857.

Technical Indicators

DOGE needs to move through the $0.0907 pivot to target the First Major Resistance Level (R1) at $0.0928 and the Wednesday high of $0.0935. A return to $0.0910 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 $0.0957 would likely come into play. The Third Major Resistance Level (R3) sits at $0.1007.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0878 in play. However, barring an extended sell-off, DOGE should avoid sub-$0.0850. The Second Major Support Level (S2) at $0.0857 should limit the downside. The Third Major Support Level (S3) sits at $0.0807.

The EMAs sent a bearish signal, with DOGE sitting below the 100-day EMA, currently at $0.0899. 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 bearish.

A move through the 100-day EMA ($0.0899) would support a breakout from the 50-day EMA ($0.0913) to target R1 ($0.0928). However, a bearish cross of the 50-day EMA through the 100-day EMA would support a slide back through S1 ($0.0878) to retest S2 ($0.0857). A move through the 50-day EMA would be a bullish signal.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 3.71% to $0.00001325. A mixed start to the day saw SHIB rise to an early high of $0.00001383 before falling to a low of $0.00001295. SHIB fell through the First Major Support Level (S1) at $0.00001331.

Technical Indicators

SHIB needs to move through S1 and the $0.00001394 pivot to target the First Major Resistance Level (R1) at $0.00001438 and the Wednesday high of $0.00001456. A return to $0.000014 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 $0.00001501. The Third Major Resistance Level (R3) sits at $0.00001608.

Failure to move through the S1 and the pivot would leave the Second Major Support Level (S2) at $0.00001287 in play. However, barring another extended sell-off, SHIB should avoid sub-$0.00001250 and the Third Major Support Level (S3) at $0.00001180.

The EMAs sent a mixed signal, with SHIB sitting above the 100-day EMA, currently at $0.00001282. 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 S1 ($0.00001331) and the 50-day EMA ($0.00001354) would support a breakout from R1 ($0.00001438) to target R2 ($0.00001501). However, failure to move through S1 ($0.00001331) and the 50-day EMA ($0.00001354) would give the bears a run at S2 ($0.00001287) and the 100-day EMA ($0.00001282). A move through the 50-day would send a bullish signal.