DOGE Targets a Return to $0.10 on Elon Musk Plug and Twitter Plans

Key Insights:

• Dogecoin (DOGE) bucked the broader market trend on Saturday, while shiba inu coin (SHIB) fell for the seventh time in eight sessions.
• News of an FTX hack left SHIB in the red, while an Elon Musk plug delivered a bullish DOGE session.
• However, the technical indicators remain bearish, with the EMAs signaling further losses.

On Saturday, dogecoin (DOGE) rose by 3.66%. Partially reversing a 5.25% loss from Friday, DOGE ended the day at $0.08790. Notably, DOGE ended the day at sub-$0.10 for the fifth consecutive session.

A bearish start to the day saw DOGE fall to a mid-morning low of $0.0783. Finding support at the First Major Support Level (S1) at $0.0786, DOGE rallied to a late morning high of $0.0948. DOGE briefly broke through the First Major Resistance Level (R1) at $0.0921 before ending the day at sub-$0.0900.

Shiba inu coin (SHIB) fell by 3.24% on Saturday. Following a 3.14% loss on Friday, SHIB ended the day at $0.00000955.

A bearish start to the day saw SHIB fall to a mid-morning low of $0.00000925. SHIB fell through the First Major Support Level (S1) at $0.00000935 before rising to a late morning high of $0.00000992. However, falling short of the First Major Resistance Level (R1) at $0.00001042, SHIB slipped back to end the day at $0.00000955.

Elon Musk delivered a DOGE boost on Saturday. Discussing the FTX collapse on Twitter Space, Musk plugged dogecoin, “DOGE to the Moon.”

Twitter (TWTR) remains the key price driver for DOGE. Investors anticipate the resumption of the crypto integration plan, which would bring DOGE on board and drive adoption.

Earlier this month, Twitter paused crypto integration plans, sending DOGE tumbling ahead of the FTX collapse, but a resumption is likely, which has cushioned the downside.

While DOGE found support, SHIB saw yet more losses. FTX news updates continued to pressure SHIB and the broader crypto market. On Saturday, news hit the wires of an FTX hack, with FTX affirming unauthorized account activity.

Today, FTX remains the focal point, with contagion news likely to put DOGE and SHIB under selling pressure.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.02% to $0.0888.

Technical Indicators

DOGE needs to avoid the $0.0870 pivot to target the First Major Resistance Level (R1) at $0.0957. A move through the Saturday high of $0.0948 would signal a possible breakout. However, FTX updates need to be crypto-friendly to support a return to $0.09.

In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.1035. The Third Major Resistance Level (R3) sits at $0.1200.

A fall through the pivot ($0.0870) would bring the First Major Support Level (S1) at $0.0792 into play. However, barring another extended sell-off, DOGE should avoid sub-$0.0750 and the Second Major Support Level (S2) at $0.0705.

The Third Major Support Level (S3) sits at $0.0540.

The EMAs sent a bearish signal, with DOGE sitting below the 200-day EMA, currently at $0.0900. The 50-day EMA pulled back from the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bearish.

A move through the 200-day EMA ($0.0900) would bring R1 ($0.0957) and the 50-day EMA ($0.0965) into play. However, failure to move through the 200-day EMA ($0.0900) would bring S1 ($0.0792) into view.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 1.15% to $0.00000966. A mixed start to the day saw SHIB fall to an early low of $0.00000949 before rising to a high of $0.00000968.

Technical Indicators

SHIB needs to avoid the $0.00000957 pivot to target the First Major Resistance Level (R1) at $0.00000990 and the Saturday high of $0.00000992. A move through the Saturday high of $0.00000992 would signal a bullish afternoon session.

In case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00001024. The Third Major Resistance Level (R3) sits at $0.00001091.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000923 into play. Barring another extended sell-off, SHIB should avoid sub-$0.00000900 and the Second Major Support Level (S2) at $0.00000890.

The Third Major Support Level (S3) sits at $0.00000823.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00001051. This morning, the 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The signals were bearish.

A move through R1 ($0.00000990) would give the bulls a run at R2 ($0.00001024) and the 50-day EMA ($0.00001051). However, failure to move through the 50-day EMA would leave SHIB under pressure.