SHIB Bears Target Sub-$0.000011 on SEC Moves and Shibarium Silence

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in negative territory on Thursday.
• SEC activity and the news of Kraken ceasing crypto staking services for US customers weighed on investor sentiment.
• The technical indicators turned bearish, with the indicators signaling further price losses.

Dogecoin (DOGE) slid by 9.67% on Thursday. Following a 2.81% loss on Wednesday, DOGE ended the day at $0.0813.

A bullish start to the day saw DOGE rise to an early high of $0.0910. Coming up short of the First Major Resistance Level (R1) at $0.0928, DOGE slid to a late low of $0.0789. DOGE fell through the Major Support Levels to end the day at $0.0813.

Shiba inu coin (SHIB) tumbled by 11.63% on Thursday. Following a 4.31% slide on Wednesday, SHIB ended the day at $0.00001216.

Tracking the broader market, SHIB rose to an early high of $0.00001383. Coming up short of the First Major Resistance Level (R1) at $0.00001438, SHIB slid to a late low of $0.00001171. SHIB fell through the Major Support Levels before a move through the Third Major Support Level (S3) at $0.00001180 to end the day at $0.00001216.

SEC Plan to Ban US Crypto Staking Sent Memecoins into the Red

There were no updates from the Shibarium Network to distract investors on Thursday. The lack of updates on the Shibarium upgrade date had left SHIB on the backfoot ahead of the Thursday sell-off.

The Dogecoin Foundation has also been silent, with Twitter yet to provide the markets with a detailed plan for crypto integration onto its payment platform.

With no updates, news of Kraken settling with the SEC and ceasing staking services for US customers sent DOGE and SHIB into the deep red. Rumors of the SEC planning to ban crypto staking turned into news, with Coinbase (COIN) shares tumbling by 14.13% to end the Thursday session at $59.63.

The Day Ahead

Today, Michigan Consumer Sentiment figures will be in the spotlight. While the headline number will influence, investors should consider the sub-components, including the Inflation Expectations Index.

Investors need to also monitor FOMC member chatter, with hawkish commentary likely to weigh on riskier assets. FOMC member Waller will speak today.

However, investors should continue monitoring the crypto news wires for SEC activity and updates from Shibarium Network, Dogecoin Foundation, or Twitter. News of the SEC investigating more US crypto exchanges for the illegal sale of unregistered cryptos would test buyer appetite.

Dogecoin (DOGE) Price Action

This morning, DOGE was up 0.37% to $0.0816. A mixed start to the day saw DOGE rise to an early high of $0.0824 before falling to a low of $0.0808.

Technical Indicators

DOGE needs to move through the $0.0837 pivot to target the First Major Resistance Level (R1) at $0.0886 and the Thursday high of $0.0910. A return to $0.0900 would signal a bullish DOGE session. However, the broader crypto market and network updates need to be DOGE-friendly to support a breakout session.

In the event of an extended rally, the Second Major Resistance Level (R2) at $0.0958 would likely come into play. The Third Major Resistance Level (R3) sits at $0.1079.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0765 in play. However, barring another SEC-fueled extended sell-off, DOGE should avoid sub-$0.0700. The Second Major Support Level (S2) at $0.0716 should limit the downside. The Third Major Support Level (S3) sits at $0.0595.

The EMAs sent a bearish signal, with DOGE sitting below the 200-day EMA, currently at $0.0870. This morning, the 50-day EMA converged on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bearish.

A bearish cross of the 50-day EMA through the 100-day EMA would support a slide through S1 ($0.0765) to test S2 ($0.0716). However, a move through the 200-day EMA ($0.0870) would support a breakout from R1 ($0.0886) to bring the 100-day ($0.0892) and 50-day ($0.0897) EMAs into view. A move through the 50-day EMA would send a bullish signal.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 1.15% to $0.00001230. A mixed start to the day saw SHIB fall to an early low of $0.00001210 before rising to a high of $0.00001254.

Technical Indicators

SHIB needs to move through the $0.00001257 pivot to target the First Major Resistance Level (R1) at $0.00001342 and the Thursday high of $0.00001383. A return to $0.000013 would signal an extended bullish session. However, SHIB would need more details on the Shibarium upgrade and broader market support to deliver a breakout session.

In the event of an extended rally, SHIB could test the Second Major Resistance Level (R2) at $0.00001469. The Third Major Resistance Level (R3) sits at $0.00001681.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001130 in play. However, barring another extended sell-off, SHIB should avoid sub-$0.00001199 and the Second Third Major Support Level (S2) at $0.00001045.

The Third Major Support Level (S3) sits at $0.00000833.

The EMAs sent a bearish signal, with SHIB sitting below the 100-day EMA, currently at $0.00001280. 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 bearish.

A move through the 100-day EMA ($0.00001280) would give the bulls a run at the 50-day EMA ($0.00001334) and R1 ($0.00001342). However, a fall through the 200-day EMA ($0.00001184) would give the bears a run at S1 ($0.00001130). A move through the 50-day would send a bullish signal.