SHIB Bulls’ Near-Term Target Remains $0.00000900 on Shibarium News

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) had mixed fortunes on Saturday, with SHIB rising for a second session.
• Bullish sentiment from Friday failed to continue into Saturday, with Huobi Global news and Fed uncertainty pinning the pair back.
• The technical indicators remained mixed, with signals pointing to further SHIB gains.

Dogecoin (DOGE) fell by 0.55% on Saturday. Partially reversing a 1.54% gain from Friday, DOGE ended the day at $0.0722. Notably, DOGE avoided sub-$0.700 levels for the third time in four sessions.

A bullish start to the day saw DOGE rise to an early high of $0.0730. Coming up short of the First Major Resistance Level (R1) at $0.0738, DOGE fell to an early afternoon low of $0.0715. Steering clear of the First Major Support Level (S1) at $0.0705, DOGE revisited $0.0725 before ending the day at $0.0722.

Shiba inu coin (SHIB) rose by 0.12% on Saturday. Following a 0.60% gain on Friday, SHIB ended the day at $0.00000843. SHIB avoided sub-$0.0000080 for the sixth consecutive session.

A bullish start to the day saw SHIB rise to an early high of $0.00000871 before hitting reverse. SHIB broke through the First Major Resistance Level (R1) at $0.00000855 and the Second Major Resistance Level (R2) at $0.00000869.

The reversal saw SHIB fall to a late afternoon low of $0.00000837. Steering clear of the First Major Support Level (S1) at $0.00000822, SHIB bounced back to end the day in positive territory.

Shibarium Updates Continued to Deliver SHIB Price Support

Following the bullish Friday session, fueled by easing bets of a hawkish Fed interest rate hike in February, network news delivered a bullish SHIB session.

On Saturday, the Shibarium Network provided an update on the Shibarium upgrade, saying,

“While on our last post we wanted to remind everyone that BONE serves as the required gas token for operability within the Shibarium, we would also now like to formally announce that each Shibarium transaction will burn SHIB.”

The Shibarium Network went on to say,

“We are focused in delivery at this time, please stay tuned for additional information and as we approach our beta launch. Please follow @ShibariumNet and our official portals for any information in regards to the protocol.”

The imminent Shibarium upgrade and the news of the DOGE Foundation launching a development fund have delivered price support. Network upgrades and increased adoption make the meme coins viable alternatives to fiat money.

However, Twitter will likely remain the key for Dogecoin over the near term. We expect an announcement of Twitter resuming its crypto integration project to support a DOGE return to $0.10.

Today, network updates will remain the focal points, with investors needing to monitor the crypto news wires for events that can move the dial. In the final hour, the NASDAQ mini could also influence, with Fed monetary policy uncertainty another factor investors must tackle.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.55% to $0.0718. A bearish start to the day saw DOGE fall from an early high of $0.0724 to a low of $0.0712.

DOGE briefly fell through the First Major Support Level (S1) at $0.0715.

Technical Indicators

DOGE needs to move through the $0.0722 pivot to target the First Major Resistance Level (R1) at $0.0730. A return to $0.0730 would signal a bullish afternoon 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 the Second Major Resistance Level (R2) at $0.0737 and $0.0740. The Third Major Resistance Level (R3) sits at $0.0752.

Failure to move through the pivot ($0.0722) would leave the First Major Support Level (S1) at $0.0715 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0700. The Second Major Support Level (S2) at $0.0707 should limit the downside. The Third Major Support Level (S3) sits at $0.0692.

The EMAs sent a bearish signal, with DOGE sitting at the 50-day EMA, currently at $0.0720. 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 price signals were bearish.

A breakout from the 50-day EMA ($0.0720) would support a move through R1 ($0.0730) to target the 100-day EMA ($0.0737) and R2 ($0.0737). However, a fall through the 50-day EMA ($0.0720) would send a bearish signal and give the bears a look at sub-$0.0710.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.12% to $0.00000842. A mixed start to the day saw SHIB rise to an early high of $0.00000845 before falling to a low of $0.00000833.

Technical Indicators

SHIB needs to move through the $0.00000850 pivot to target the First Major Resistance Level (R1) at $0.00000864. A return to $0.00000850 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and further updates on the Shibarium upgrade.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000884. The Third Major Resistance Level (R3) sits at $0.00000918.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00000830 in play. However, barring an extended sell-off, SHIB should avoid sub-$0.00000820 and the Second Major Support Level (S2) at $0.00000816.

The Third Major Support Level (S3) sits at $0.00000782.

The EMAs send a bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00000833. 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 move through the 200-day EMA ($0.00000855) would support a breakout from R1 ($0.00000864) to target R2 ($0.00000884). However, a fall through the 100-day ($0.00000833) and the 50-day ($0.00000832) EMAs would give the bears a run at S1 ($0.00000830). A fall through the 50-day EMA would send a bearish signal.