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SHIB Sees $0.000014 Come Into View on Shibarium Upgrade Sentiment

By:
Bob Mason
Published: Feb 3, 2023, 06:24 UTC

After a mixed Thursday, DOGE and SHIB were on the move this morning. Expectations of improved networks and increased adoption remain tailwinds.

DOGE and SHIB - technical analysis - FX Empire

In this article:

Key Insights:

  • Dogecoin (DOGE) and shiba inu coin (SHIB) had another mixed session on Thursday, with SHIB extending its winning streak to three sessions.
  • Market sentiment towards the Shibarium upgrade remained the key driver for SHIB, while DOGE joined the broader crypto market in the red.
  • The technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) fell by 3.50% on Thursday. Following a 1.88% loss on Wednesday, DOGE ended the day at $0.0909.

A bullish start to the day saw DOGE rise to an early high of $0.0961 before hitting reverse. Coming up short of the First Major Resistance Level (R1) at $0.0983, DOGE slid to a late low of $0.0901. However, steering clear of the First Major Support Level (S1) at $0.0892, DOGE revisited $0.0921 before easing back.

Shiba inu coin (SHIB) rose by 1.34% on Thursday. Following a 1.35% gain on Wednesday, SHIB ended the day at $0.00001213.

After a choppy morning, SHIB fell to an early afternoon low of $0.00001192. Steering clear of the First Major Support Level (S1) at $0.00001150, SHIB rallied to a late afternoon high of $0.00001298. SHIB broke through the First Major Resistance Level (R1) at $0.00001225 and the Second Major Resistance Level (R2) at $0.00001252 before sliding back to end the day at sub-$0.00001220.

Bullish Shibarium Upgrade Sentiment to Deliver $0.000014

There were no updates from the Shibarium Network to support a SHIB breakout. However, investor sentiment toward the Shibarium upgrade continued to drive buyer appetite. Increased burn rates and faster transactions, with lower transaction fees, would place SHIB in a strong position for increased adoption.

However, DOGE failed to track SHIB into positive territory. News of Twitter shutting down a tipping bot that enables users to tip with DOGE weighed. Hopes are that the bot shutdown precedes work on the DOGE integration project.

Today, network updates will remain the key drivers. However, market risk sentiment could influence the afternoon session. US corporate indicators and corporate earnings will draw interest. A deterioration in labor market conditions and a more marked contraction in the US services sector could test the appetite for riskier assets.

There are also Apple (AAPL) and Alphabet Inc. (GOOGL) earnings to navigate. Gloomy outlooks would be market negative.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.32% to $0.0921. A mixed start to the day saw DOGE fall to an early low of $0.0902 before rising to a high of $0.0925.

DOGE finds morning support.
DOGEUSD 030223 Daily Chart

Technical Indicators

DOGE needs to move through the $0.0924 pivot to target the First Major Resistance Level (R1) at $0.0946 and the Thursday high of $0.0961. 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 $0.0984 and $0.1000 would likely come into play. The Third Major Resistance Level (R3) sits at $0.1044.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0886 in play. However, barring an extended sell-off, DOGE should avoid sub-$0.0880 and the Second Major Support Level (S2) at $0.0864. The Third Major Support Level (S3) sits at $0.0804.

DOGE support levels in play below the pivot.
DOGEUSD 030223 Hourly Chart

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0903. 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 ($0.0903) would support a breakout from R1 ($0.0946) to bring R2 ($0.0984) and $0.1000 into view. However, a fall through the 50-day EMA ($0.0903) would give the bears a run at S1 ($0.0886) and the 100-day EMA ($0.0878). A fall through the 50-day EMA would deliver a bearish signal.

EMAs are bullish.
DOGEUSD 030223 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 2.89% to $0.00001248. A bullish start to the day saw SHIB rise from an early low of $0.00001205 to a high of $0.00001271.

SHIB on the move.
SHIBUSD 030223 Daily Chart

Technical Indicators

SHIB needs to avoid a fall through the $0.00001234 pivot to retarget the First Major Resistance Level (R1) at $0.00001277 and the Thursday high of $0.00001298. A return to $0.00001270 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 $0.00001340. The Third Major Resistance Level (R3) sits at $0.00001446.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001171 into play. However, barring a risk-off-fueled extended sell-off, SHIB should avoid sub-$0.00001150 and the Second Major Support Level (S2) at $0.00001128.

The Third Major Support Level (S3) sits at $0.00001022.

SHIB resistance levels in play above the pivot.
SHIBUSD 030223 Hourly Chart

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001186. 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 ($0.00001186) would support a move from R1 ($0.00001277) to target R2 ($0.00001340). However, a fall through the 50-day EMA ($0.00001186) and S1 ($0.00001171 would give the bears a run at the 100-day EMA ($0.00001150). A fall through the 50-day would send a bearish signal.

EMAs are bullish.
SHIBUSD 030223 4 Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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