SHIB Return to $0.000013 Hinged on US Stats and Shibarium News

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) had a bullish Wednesday session.
• A lack of network updates left DOGE and SHIB in the hands of the broader crypto market.
• The technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) rose by 2.86% on Wednesday. Partially reversing a 5.08% slide from Tuesday, DOGE ended the day at $0.0864.

A bearish start to the day saw DOGE fall to an early low of $0.0816. Steering clear of the First Major Support Level (S1) at $0.0804, DOGE rallied to a late high of $0.0882. However, coming up short of the First Major Resistance Level (R1) at $0.0893, DOGE eased back to end the session at $0.0864.

Shiba inu coin (SHIB) rallied by 4.11% on Wednesday. Partially reversing a 6.67% slide from Tuesday, SHIB ended the day at $0.00001165.

Tracking the broader market, SHIB slid to an early low of $0.00001088. Steering clear of the First Major Support Level (S1) at $0.00001066, SHIB rallied to a late high of $0.00001196. Coming up against the First Major Resistance Level (R1) at $0.00001197, SHIB eased back to end the day at $0.00001165.

Broad-Based Crypto Rally Mutes Impact of Shibarium Upgrade Silence

It was another quiet day for DOGE and SHIB, with no network updates to influence investor sentiment. The lack of updates left DOGE and SHIB in the hands of the broader crypto market.

Easing FTX and Genesis contagion risk continued to deliver price support. US corporate earnings also provided direction. Gloomy outlooks fueled recession fears but also supported bets of a Fed pivot, contributing to the mid-week rebound.

Today, US economic indicators will draw interest. Jobless claims and Q4 GDP numbers are in focus. However, network updates would mute the influence of the US stats. A Shibarium upgrade date, with transaction speed and fee details would support a bullish SHIB session.

Likewise, news of Twitter resuming its crypto integration project would support a breakout DOGE session.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.46% to $0.0860. A mixed start to the day saw DOGE rise to an early high of $0.0872 before falling to a low of $0.0860.

Technical Indicators

DOGE needs to avoid a fall through the $0.0854 pivot to target the First Major Resistance Level (R1) at $0.0892. A move through the Wednesday high of $0.0882 would signal a DOGE rebound. 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 $0.0920 and $0.950 would likely come into play. The Third Major Resistance Level (R3) sits at $0.0986.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0826 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0800 and the Second Major Support Level (S2) at $0.0788. The Third Major Support Level (S3) sits at $0.0722.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0855. This morning, the 50-day EMA moved 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 ($0.0855) would support a breakout from R1 ($0.0892) to bring R2 ($0.0920) and $0.0950 into view. However, a fall through the 50-day ($0.0855) would give the bears a run at the 100-day EMA ($0.0833) and S1 ($0.0826). A fall through the 50-day EMA would send a bearish signal.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.17% to $0.00001167. A bullish start to the day saw SHIB rise from an early low of $0.00001164 to a high of $0.00001183.

Technical Indicators

SHIB needs to avoid a fall through the $0.00001150 pivot to target the First Major Resistance Level (R1) at $0.00001211. A return to $0.00001200 would signal an 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 $0.00001258. The Third Major Resistance Level (R3) sits at $0.00001366.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001103 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 $0.00000934.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001150. 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 the 50-day EMA ($0.00001150) would support a breakout from R1 ($0.00001211) to target R2 ($0.00001258). However, a fall through the 50-day EMA ($0.00001150) would give the bears a run at S1 ($0.00001103) and the 100-day EMA ($0.00001089). A fall through the 50-day would signal a bearish shift in sentiment.