DOGE Bears Target Sub-$0.0700 on US Stats and Twitter Silence

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) saw red on Thursday, joining the broader crypto market in a bearish session.
• US economic indicators and the NASDAQ Index overshadowed investor optimism from recent network news.
• The technical indicators are mixed, with SHIB eying a continued upward trend.

Dogecoin (DOGE) fell by 2.19% on Thursday. Partially reversing a 3.69% rally from Wednesday, DOGE ended the day at $0.0715. Notably, DOGE avoided sub-$0.07 for the second consecutive session.

A bullish start to the day saw DOGE rise to a mid-morning high of $0.0752. DOGE broke through the First Major Resistance Level (R1) at $0.0745 before sliding to a final-hour low of $0.0705. However, finding support at the First Major Support Level (S1) at $0.0709, DOGE wrapped up the day at $0.0715.

Shiba inu coin (SHIB) slipped by 0.12%. Following a 2.95% gain on Wednesday, SHIB ended the day at $0.00000837. SHIB avoided sub-$0.0000080 for the fourth consecutive session.

Tracking DOGE through the morning, SHIB rallied to a mid-morning high of $0.00000881 before hitting reverse. SHIB broke through the First Major Resistance Level (R1) at $0.00000856 and the Second Major Resistance Level (R2) at $0.00000875.

The reversal saw SHIB slide to a final-hour low of $0.00000827. However, steering clear of the First Major Support Level (S1) at $0.00000815, SHIB bounced back to end the day at $0.00000837.

US Economic Indicators and the NASDAQ Index Pressure DOGE and SHIB

Bullish sentiment from Wednesday continued into Thursday, delivering the morning highs. However, the investor focus shifted to the US economic calendar going into the afternoon, testing buyer appetite.

The US stats were crypto bearish, with better-than-expected APD nonfarm employment change and weekly jobless claim figures reigniting hawkish Fed bets.

Sentiment towards the Shibarium upgrade and development plans for the Dogecoin network took a backseat.

On Thursday, the Shibarium Network provided the latest updates. The Shibarium Network started by saying,

“As we approach the launch of the upcoming Shibarium Beta Network, we first would like to start by thanking the Shiba community for bringing such energy and excitement surrounding the upcoming phased introduction.”

Within the series of tweets, the Shibarium Network clarified that Shibarium is not an upgrade for other projects and only for Shibtoken.

The team concluded by saying,

Please stay alert for official information via our social media and blog portals in order to always receive the latest updates with accuracy and clarity directly from the source.”

However, there were no updates from Twitter or the Dogecoin Foundation to cushion the downside for DOGE.

Today, the US economic calendar will be back in focus, with the US Jobs report the main report of the day. A lack of network updates will leave DOGE and SHIB in the hands of the US stats and the NASDAQ Index.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.28% to $0.0713. A mixed start to the day saw DOGE rise to an early high of $0.0722 before falling to a low of $0.0712.

Technical Indicators

DOGE needs to move through the $0.0724 pivot to target the First Major Resistance Level (R1) at $0.0743 and the Thursday high of $0.0752. A return to $0.0740 would signal a bullish afternoon session. However, the crypto news wires and US stats need to be DOGE-friendly to support a breakout session.

In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.0771. The Third Major Resistance Level (R3) sits at $0.0818.

Failure to move through the pivot ($0.0724) would leave the First Major Support Level (S1) at $0.0696 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0690 and the Second Major Support Level (S2) at $0.0677. The Third Major Support Level (S3) sits at $0.0630.

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0720. This morning, the 50-day EMA eased back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA. The price signals were bearish.

A move through the 50-day EMA ($0.0720) would support a breakout from the 100-day EMA ($0.0742) and R1 ($0.0743) to target R2 ($0.0771). However, failure to move through the 50-day EMA ($0.0720) would bring the Major Support Levels into view.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.48% to $0.00000841. A mixed start to the day saw SHIB fall to an early low of $0.00000832 before rising to a high of $0.00000848.

Technical Indicators

SHIB needs to move through the $0.00000848 pivot to target the First Major Resistance Level (R1) at $0.00000870 and the Thursday high of $0.00000881. A return to $0.00000850 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and updates on the Shibarium upgrade.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000902. The Third Major Resistance Level (R3) sits at $0.00000956.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00000816 in play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000800 and the Second Major Support Level (S2) at $0.00000794.

The Third Major Support Level (S3) sits at $0.00000740.

The EMAs send a bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00000830. 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 signals were bullish.

A move through the 200-day EMA ($0.00000857) would support a breakout from R1 ($0.00000870) to give the bulls a run at R2 ($0.00000902). However, a fall through the 100-day EMA ($0.00000830) would bring the 50-day EMA ($0.00000825) and S1 ($0.00000816) into play. A fall through the 50-day EMA would send a bearish signal.