DOGE Eyes a Return to $0.0840 to Take a Run at $0.09 with SHIB in Tow

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) ended the day in the red on Thursday.
• While FTX contagion risk continued to ease, the US Thanksgiving holidays left the markets flat through the afternoon session.
• However, the technical indicators remain bearish, with the EMAs signaling a possible pullback.

On Thursday, dogecoin (DOGE) fell by 0.49%. Partially reversing a 4.20% gain from Wednesday, DOGE ended the day at $0.0814. Notably, DOGE avoided ending the day at sub-$0.0800 for the second consecutive session.

A choppy start to the day saw DOGE rise to an early high of $0.0842. Coming up against the First Major Resistance Level (R1) at $0.0843, DOGE fell to a late morning low of $0.0805. However, steering clear of the First Major Support Level (S1) at $0.0785, DOGE revisited $0.0817 before easing back.

Shiba inu coin (SHIB) slipped by 0.44% on Thursday. Partially reversing a 2.72% gain from Wednesday, SHIB ended the day at $0.00000901.

Tracking the broader market, SHIB rose to an early high of $0.00000920. Coming up against the First Major Resistance Level (R1) at $0.00000919, SHIB fell to a late morning low of $0.00000890. However, steering clear of the First Major Support Level (S1) at $0.00000883, SHIB revisited $0.00000906 before falling back to end the day in the red.

Investor angst towards the collapse of FTX continued to ease on Thursday. Reports of debtors identifying more assets raised hopes of limiting the impact of the collapse on creditors.

However, lower trading volumes left DOGE and SHIB relatively flat through the afternoon session. There were no updates from Twitter on the crypto integration project to deliver a boost.

On Thursday, news of a Travala promotion with SHIB failed to support a bullish session. SHIB announce the promotion on Twitter, saying,

“We are excited to announce an exclusive special from our friends at Travala. Use SHIB Token to book Travel on Travala! Click this link bit.ly/3EAlFxu to get FREE $35 Travel Credit to use on 3M+ hotels, flights & activities.”

With the US Thanksgiving Holidays in full swing, a lack of FTX news could leave DOGE and SHIB range-bound for a second session.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.11% to $0.0823. A mixed start to the day saw DOGE fall to an early low of $0.0806 before rising to a high of $0.0833.

Technical Indicators

DOGE needs to avoid the $0.0820 pivot to retarget the First Major Resistance Level (R1) at $0.0836 and the Thursday high of $0.0842. A return to $0.0840 would signal a bullish afternoon session. However, the crypto news wires need to be crypto-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 $0.0857. The Third Major Resistance Level (R3) sits at $0.0894.

A fall through the pivot ($0.0820) would bring the First Major Support Level (S1) at $0.0799 into play. Barring an extended sell-off, DOGE should avoid sub-$0.0790 and the Second Major Support Level (S2) at $0.0783. However, further signs of FTX contagion would bring sub-$0.0700 into view.

The Third Major Support Level (S3) sits at $0.0746.

The EMAs sent a bearish signal, with DOGE sitting at the 50-day EMA, currently at $0.0820. The 50-day EMA flattened on the 200-day EMA, while the 100-day EMA pulled back from the 200-day EMA. The price signals were mixed.

A breakout from the 50-day EMA ($0.0820) would support a move through R1 ($0.0836) to bring the 100-day EMA ($0.0856) and R2 ($0.0857) into play. However, a fall through the 50-day EMA ($0.0820) would give the bears a run at S1 ($0.0799).

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.78% to $0.00000894. A mixed start to the day saw SHIB rise to an early high of $0.00000904 before falling to a low of $0.00000885.

The First Major Support Level (S1) at $0.00000887 limited the downside early on.

Technical Indicators

SHIB needs to move through the $0.00000904 pivot to target the First Major Resistance Level (R1) at $0.00000917 and the Thursday high of $0.00000920. A return to $0.00000920 would signal a bullish afternoon session. However, any further contagion news would test buyer appetite.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000934 and resistance at $0.00000950. The Third Major Resistance Level (R3) sits at $0.00000964.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00000887 in play. Barring another extended sell-off, SHIB should avoid sub-$0.00000880 and the Second Major Support Level (S2) at $0.00000874.

The Third Major Support Level (S3) sits at $0.00000844.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000901. This morning, the 50-day EMA slipped back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were bearish.

A move through the 50-day EMA ($0.00000901) would support a breakout from R1 ($0.00000917) to give the bulls a run at R2 ($0.00000934) and the 100-day EMA ($0.0000942). However, failure to move through the 50-day EMA would leave S1 ($0.00000887) in view.