DOGE and SHIB Find Early Support, with DOGE Eying a Return to $0.15

Key Insights:

• It was a bearish Sunday, with dogecoin (DOGE) seeing red for the first time in six sessions.
• While Elon Musk’s Twitter (TWTR) acquisition remains DOGE and SHIB positive, Fed Fear led to profit-taking ahead of the Monday session.
• The technical indicators are bullish, with DOGE investors eying a return to $0.20.

On Sunday, dogecoin (DOGE) fell by 3.34%. Partially reversing Saturday’s 45.24% surge, DOGE ended the week up 94.97% to $0.1177. Notably, DOGE avoided sub-$0.10 for the first time since May.

A bullish start to the day saw DOGE rise to a mid-morning high of $0.1435. Coming up short of the First Major Resistance Level (R1) at $0.1552, DOGE fell to a late afternoon low of $0.1110. However, steering clear of the First Major Support Level (S1) at $0.0857, DOGE revisited $0.1199 before easing back.

Shiba inu coin (SHIB) slid by 7.74% on Sunday. Partially reversing a 10.33% rally from Saturday, SHIB ended the week up 17.21% to $0.00001192.

Tracking the broader market, SHIB rose to a mid-morning high of $0.00001393 before hitting reverse. Coming up short of the First Major Resistance Level (R1) at $0.00001489, SHIB slid to a late low of $0.00001159. However, steering clear of the First Major Support Level (S1) at $0.00001124, SHIB revisited $0.00001199 before easing back.

Bearish investor sentiment from the broader crypto market left DOGE and SHIB in the red for the session. However, the downside was modest relative to the gains from the week. Elon Musk’s acquisition of Twitter (TWTR) supports further price gains. Investors anticipate Twitter to accept DOGE and SHIB payments.

With monetizable daily active users exceeding 200 million, accepting DOGE and SHIB payments on Twitter should see a sharp increase in adoption. As of October 30, the combined number of DOGE and SHIB holders stood at 5.68 million.

While investor sentiment toward the Wednesday Fed policy decision will test buyer appetite, the Twitter story remains bullish for DOGE and SHIB.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 3.00% to $0.1213. A mixed start to the day saw DOGE fall to an early low of $0.1166 before rising to a high of $0.1261.

Technical Indicators

DOGE needs to move through the $0.1213 pivot to target the First Major Resistance Level (R1) at $0.1372 and the Sunday high of $0.1435. A return to $0.13 would signal another breakout session.

In the case of another extended crypto market rally, DOGE should test the Second Major Resistance Level (R2) at $0.1566. The Third Major Resistance Level (R3) sits at $0.1891.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.1047 in play. However, barring an extended crypto sell-off, DOGE should steer clear of sub-$0.10 and the Second Major Support Level (S2) at $0.0916.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.08850. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.

Avoiding the Major Support Levels and the 50-day EMA ($0.08850) would support a breakout from R1 ($0.1372) to eye R2 ($0.1566). However, a fall through S1 ($0.1047) to sub-$0.10 would bring S2 ($0.0916) and the 50-day EMA ($0.08850) into view. The 200-day EMA sits at $0.06975.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 1.01% to $0.00001204. A mixed start to the day saw SHIB rise to an early high of $0.00001220 before falling to a low of $0.00001171.

Technical Indicators

SHIB needs to move through the $0.00001248 pivot to target the First Major Resistance Level (R1) at $0.00001337 and the Sunday high of $0.00001393. A return to $0.000013 would signal another bullish session.

A broad-based crypto rally would see SHIB test the Second Major Resistance Level (R2) at $0.00001482 and resistance at $0.000015. The Third Major Resistance Level (R3) sits at $0.00001716.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001103 in play. Barring an extended sell-off, SHIB should avoid sub-$0.000011 and the Second Major Support Level (S2) at $0.00001014.

The Third Major Support Level (S3) sits at $0.00000780.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001131. This morning, the 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA crossing through the 200-day EMA. The signals were bullish.

The bullish cross of the 100-day EMA through the 200-day EMA should support a SHIB return to $0.000013 to bring R1 ($0.00001337) and $0.000014 into view. However, a fall through the 50-day EMA ($0.00001131) would give the bears a run at S1 ($0.00001103), the 100-day ($0.00001092), and the 200-day ($0.00001091).