SHIB Bulls Eye $0.000011 as Shibarium Upgrade Event Nears

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in a bullish session on Friday, with DOGE extending its winning streak to six sessions.
• Easing FTX contagion risk, US economic indicators and corporate earnings, and network updates delivered support.
• The technical indicators are bullish, signaling further price gains.

Dogecoin (DOGE) rallied by 5.74% on Friday. Following a 2.69% gain on Thursday, DOGE ended the day at $0.0847. DOGE revisited $0.085 for the first time since December 16.

After a range-bound morning, DOGE fell to a mid-day low of $0.0787. Steering clear of the First Major Support Level (S1) at $0.0763, DOGE rallied to a late high of $0.0852. DOGE broke through the First Major Resistance Level (R1) at $0.0826. Coming up against the Second Major Resistance Level (R2) at $0.0850, DOGE eased back to end the day at $0.0847.

Shiba inu coin (SHIB) rallied by 7.81% on Friday. Following a 3.84% gain on Thursday, SHIB ended the day at $0.00001021. SHIB wrapped up the day at $0.000010 for the first time since November 10.

A mixed start to the day saw SHIB fall to an early morning low of $0.00000928. Steering clear of the First Major Support Level (S1) at $0.00000896, SHIB rallied to a late high of $0.00001028. SHIB broke through the First Major Resistance Level (R1) at $0.00000983 and the Second Major Resistance Level (R2) at $0.00001020 to end the day at $0.00001021.

Economic Indicators, Earnings, and FTX News Deliver Support

There were no Shibarium Network updates to support the Friday breakout session for SHIB, which outmuscled DOGE.

However, the anticipated Shibarium upgrade continued to drive buyer appetite amidst a bullish crypto market backdrop. Lower transaction fees and the burning of SHIB on each Shibarium transaction should drive demand for SHIB.

DOGE has also benefitted from the improved investor sentiment. While Twitter remains silent on integration plans, the Dogecoin Foundation launched the Development Fund, which should drive network enhancements to make DOGE a contender with other mainstream cryptos.

However, the lack of network updates left DOGE and SHIB in the hands of the broader crypto market. US economic indicators and corporate earnings supported a bullish session while easing FTX contagion remained the driving force behind the latest crypto market breakout.

Today, the crypto news wires and SHIB and DOGE network chatter will provide direction. A Shibarium upgrade date or news of Twitter resuming its crypto integration project would be bullish for the pair.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 3.54% to $0.0877. A bullish start to the day saw DOGE rally from an early low of $0.0841 to a high of $0.0901.

DOGE broke through the First Major Resistance Level (R1) at $0.0870 and briefly through the Second Major Resistance Level (R2) at $0.0894.

Technical Indicators

DOGE needs to avoid a fall through R1 and the $0.0829 pivot to retarget the Second Major Resistance Level (R2) at $0.0894 and the morning high of $0.0901. A move through the morning high of $0.0901 would signal an extended bullish session. However, the crypto news wires and network 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 $0.0920. The Third Major Resistance Level (R3) sits at $0.0959.

A fall through R1 and the pivot ($0.0829) would bring the First Major Support Level (S1) at $0.0805 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0800 and the Second Major Support Level (S2) at $0.0764. The Third Major Support Level (S3) sits at $0.0699.

The EMAs sent a bullish signal, with DOGE sitting above the 200-day EMA, currently at $0.0780. This morning, the 50-day EMA closed in on the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bullish.

A hold above S1 ($0.0805) and the 200-day EMA ($0.0780) would support a breakout from R2 ($0.0894) to target ($0.0920). However, a fall through S1 ($0.0805) would give the bears a run at the 200-day EMA ($0.0780) and the 50-day EMA ($0.0775). A fall through the 50-day EMA would signal a shift in sentiment.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 3.13% to $0.00001053. A bullish start to the day saw SHIB rise from an early low of $0.00001010 to a high of $0.00001087. SHIB broke through the First Major Resistance Level (R1) at $0.00001057 before easing back.

Technical Indicators

SHIB needs to avoid the $0.00000992 pivot to break out from the First Major Resistance Level (R1) at $0.00001057 and retarget the Second Major Resistance Level (R2) at $0.00001092. A move through the morning high of $0.00001087 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 resistance at $0.00001100 before easing back. The Third Major Resistance Level (R3) sits at $0.00001192.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000957 into play. However, barring an extended sell-off, SHIB should avoid sub-$0.00000900 and the Second Major Support Level (S2) at $0.00000892.

The Third Major Support Level (S3) sits at $0.00000792.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00000912. The 50-day EMA widened from the 200-day EMA, with the 100-day EMA pulling away from the 200-day EMA after Friday’s bullish cross. The signals were bullish.

A hold above S1 ($0.00000957) and the 50-day EMA ($0.00000912) would support a breakout from R1 ($0.00001057) to retarget R2 ($0.00001092). However, a fall through S1 ($0.00000957) would bring the 50-day EMA ($0.00000912) into view. A fall through the 50-day would signal a shift in sentiment.