SHIB Eyes a Return to $0.000015 to Target $0.000016 on Shibarium News

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) had a bearish end to a bullish week on Sunday.
• A broad-based crypto pullback led to profit-taking while network updates continued painting a bullish outlook.
• The technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) fell by 4.07% on Sunday. Reversing a 3.34% gain from Saturday, DOGE ended the week up 2.22% to $0.0920.

After a choppy start to the day, DOGE rose to a late morning high of $0.0971 before hitting reverse. Coming up short of the First Major Resistance Level (R1) at $0.0998, DOGE slid to a late low of $0.0904. DOGE fell through the First Major Support Level (S1) at $0.0922 to end the day at $0.0920.

Shiba inu coin (SHIB) fell by 2.85% on Sunday. Partially reversing a 15.81% surge from Saturday, SHIB ended the week up 18.48% to $0.00001430.

Tracking the broader crypto market, SHIB rose to a mid-morning high of $0.00001535 before hitting reverse. Coming up short of the First Major Resistance Level (R1) at $0.00001618, SHIB slid to a mid-day low of $0.00001389. However, steering clear of the First Major Support Level (S1) at $0.00001298, SHIB found afternoon support to end the day at $0.00001430.

SHIB Burn Rates Delivered $0.000015 Ahead of Shibarium Upgrade

There were no updates from the Shibarium Network to provide support on Sunday. Following the Saturday return to the $0.000015 handle, a broad-based crypto market pullback led to investors locking in profits.

However, the upward trend in SHIB burn rates and the planned Shibarium upgrade remain tailwinds. The Shibarium Upgrade would drive SHIB burn rates higher while delivering faster transaction speeds at lower transaction fees.

DOGE also struggled on Sunday after briefly returning to the $0.100 handle on Saturday. While the Dogecoin Foundation has remained silent since the launch of the Development Fund, Elon Musk and Twitter continue to deliver a bullish outlook.

Today, network updates will remain the key drivers. However, a lack of updates will leave the pair in the hands of the broader crypto market. Impressive US economic indicators refueled Fed Fear over the weekend. Hawkish FOMC member chatter could weigh on the NASDAQ Index, DOGE, and SHIB in the afternoon session.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.33% to $0.0917. A mixed start to the day saw DOGE rise to an early high of $0.0930 before falling to a low of $0.0910.

Technical Indicators

DOGE needs to move through the $0.0932 pivot to target the First Major Resistance Level (R1) at $0.0959 and the Sunday high of $0.0971. A return to $0.0950 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 $0.0999 and $0.1000 would likely come into play. The Third Major Resistance Level (R3) sits at $0.1066.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0892 in play. However, barring an extended sell-off, DOGE should avoid sub-$0.0890 and the Second Major Support Level (S2) at $0.0865. The Third Major Support Level (S3) sits at $0.0798.

The EMAs sent a bullish signal, with DOGE sitting above the 100-day EMA, currently at $0.0895. 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 ($0.0919) would support a breakout from R1 ($0.0959) to bring R2 ($0.0999) and $0.1000 into view. However, a pullback from the 50-day EMA ($0.0919) would give the bears a run at the 100-day EMA ($0.0895) and S1 ($0.0892). 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 down 0.14% to $0.00001428. A mixed start to the day saw SHIB fall to an early low of $0.00001400 before rising to a high of $0.00001454.

Technical Indicators

SHIB needs to move through the $0.00001451 pivot to target the First Major Resistance Level (R1) at $0.00001514 and the Sunday high of $0.00001535. A return to $0.000015 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. Burn rates will also draw interest.

In the event of an extended rally, SHIB could test the Second Major Resistance Level (R2) at $0.00001597 and resistance at $0.00001600. The Third Major Resistance Level (R3) sits at $0.00001743.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001368 in play. However, barring a Fed-fueled extended sell-off, SHIB should avoid sub-$0.00001350 and the Second Major Support Level (S2) at $0.00001305.

The Third Major Support Level (S3) sits at $0.00001159.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001305. 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 Major Support Levels and the 50-day EMA ($0.00001305) would support a breakout from R1 ($0.00001514) to target R2 ($0.00001597) and $0.000016. However, a fall through S1 ($0.00001368) would give the bears a run at the 50-day EMA ($0.00001305) and S2 ($0.00001305). A fall through the 50-day would send a bearish signal.