DOGE Bulls Eye A Return To $0.11 on US Stats and Twitter News

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in a bullish Sunday session, with DOGE leading the top ten.
• Fresh reports of China planning to ease lockdown measures and dip buyers delivered a bullish session.
• The technical indicators are more bullish, signaling further price gains.

On Sunday, dogecoin (DOGE) rose by 4.51%. Reversing a 2.35% loss from Saturday, DOGE ended the week up 5.79% to $0.1042. Notably, DOGE wrapped up the day at $0.10 for the fifth time in six sessions.

A mixed start to the day saw DOGE fall to an early low of $0.0995. Steering clear of the First Major Support Level (S1) at $0.0975, DOGE rallied to a late morning high of $0.1058. DOGE broke through the First Major Resistance Level (R1) at $0.1024.

However, coming up against the Second Major Resistance Level (R2) at $0.1052, DOGE fell back to $0.1023 before wrapping up the day at $0.1042. R1 delivered afternoon support.

Shiba inu coin (SHIB) rose by 1.74% on Sunday. Reversing a 1.29% loss from Saturday, SHIB ended the week up 0.97% to $0.00000936.

Tracking DOGE, SHIB fell to an early morning low of $0.00000918. Steering clear of the First Major Support Level (S1) at $0.00000907, SHIB rose to a late high of $0.00000939. However, coming up short of the First Major Resistance Level (R1) at $0.00000941, SHIB eased back to end the day at $0.00000936.

Following Saturday’s bearish session, dip buyers returned on Sunday, delivering a bullish end to a choppy week.

US economic indicators and Fed Chair Powell commentary left investors uncertain about the prospects of a December Fed pivot. While the Fed Chair talked about slowing the pace of interest rate hikes, inflation remained elevated, and the US Jobs Report showed a sharp pickup in wage growth and a marked increase in nonfarm payrolls.

However, the ISM Manufacturing PMI reignited fears of a US recession to test buyer appetite.

Today, the US economy will be back in the spotlight, with factory orders and the all-important ISM Non-Manufacturing PMI due out. Expect the ISM report to have the most influence. A contraction in the US services sector would sink the NASDAQ Composite Index and the crypto market.

However, Twitter and Elon Musk updates will continue to provide DOGE and SHIB with direction.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 0.48% to $0.1047. A mixed start to the day saw DOGE rise to an early high of $0.1051 before falling to a low of $0.1037.

Technical Indicators

DOGE needs to avoid the $0.1032 pivot to target the First Major Resistance Level (R1) at $0.1068. A return to $0.1050 would signal a bullish afternoon session. However, today’s US economic indicators and Twitter updates 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 $0.1095 and last week’s high of $0.1099. The Third Major Resistance Level (R3) sits at $0.1158.

A fall through the pivot ($0.1032) would bring the First Major Support Level (S1) at $0.1005 into play. Barring an extended sell-off, DOGE should avoid the Second Major Support Level (S2) at $0.0969.

The Third Major Support Level (S3) sits at $0.0906.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0993. 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.

A hold above S1 ($0.1005) and the 50-day EMA ($0.0993) would support a breakout from R1 ($0.1068) to target R2 ($0.1095). However, a fall through S1 ($0.1005) and the 50-day EMA ($0.0993) would give the bears a run at S2 ($0.0969).

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was flat at $0.00000936. A mixed start to the day saw SHIB fall to an early low of $0.00000933 before rising to a high of $0.00000940.

Technical Indicators

SHIB needs to avoid the $0.00000931 pivot to target the First Major Resistance Level (R1) at $0.00000944 and last week’s high of $0.00000949. A return to $0.00000945 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and the NASDAQ Index.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000952. The Third Major Resistance Level (R3) sits at $0.00000973.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000923 into play. Barring an extended sell-off, SHIB should avoid sub-$0.00000900. The Second Major Support Level (S2) at $0.00000910 should limit the downside. The Third Major Support Level (S3) sits at $0.00000889.

The EMAs send a more bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00000929. 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 hold above the 100-day EMA ($0.00000929) would support a breakout from R1 ($0.000000944) to target R2 ($0.000000952). However, a fall through the 100-day EMA ($0.00000929) would bring S1 ($0.00000923) and the 50-day EMA ($0.00000923) into play. A fall through the 50-day EMA would signal an extended sell-off.