SHIB Bulls to Target $0.00000850 on Shibarium Upgrade Chatter

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) enjoyed bullish sessions on Thursday.
• The NASDAQ Index delivered DOGE support, while Shibarium updates delivered a SHIB breakout.
• The technical indicators remain bearish, signaling further losses.

Dogecoin (DOGE) rose by 0.71% on Thursday. Partially reversing a 4.21% slide from Wednesday, DOGE ended the day at $0.0710. Notably, DOGE visited sub-$0.0700 for the second time since October 26.

After a range-bound morning, DOGE fell to a late low of $0.0692 before making a move. Steering clear of the First Major Support Level at $0.0685, DOGE rallied to a late high of $0.0715. Coming up short of the First Major Resistance Level (R1) at $0.0733, DOGE eased back to end the day at $0.0710.

Shiba inu coin (SHIB) rallied by 3.41% on Thursday. Reversing a 3.18% loss from Wednesday, SHIB ended the day at $0.00000819. Despite the bullish session, SHIB revisited to sub-$0.00000800.

A bearish morning saw SHIB fall to a morning low of $0.00000788. Steering clear of the First Major Support Level (S1) at $0.00000774, SHIB rallied to a mid-afternoon high of $0.00000828. SHIB broke through the First Major Resistance Level (R1) at $0.00000814 to end the day at $0.00000819.

SHIB Network News and the NASDAQ Index Deliver Bullish Sessions

There were no Twitter updates to support a DOGE recovery from four consecutive days in the red. However, US economic indicators and the NASDAQ Index supported the broader crypto market.

On Thursday, the NASDAQ Index rallied by 2.59%. A rise in US jobless claims from 216k to 225k drove demand for riskier assets.

However, the upside was limited as investors reacted to the chatter of Dogecoin shifting to a Proof-of-Stake protocol. Michi Lumin looked to dispel the rumors, saying,

“More info for ya. Influencers, even if they have millions of views and followers, even if they speak with authority, do not actually have the inside scoop on what’s going on with Dogecoin. Just because one says a validation method is changing, doesn’t mean it is.”

Lumin is an engineer for the Dogecoin Foundation.

In a series of tweets, Lumin added,

“No, there is not a plan to move Dogecoin to PoS. There is a plan to give, to the community, for their overview, a proposal. Many bristle at even this – and say it should not even be discussed. Any proposal given will differ from traditional PoS in many ways…”

SHIB enjoyed a more bullish Thursday session, with talk of the Shibarium upgrade driving demand.

On Thursday, SHIB developer Shytoshi Kusama tweeted,

“Love meeting with the team from Unification UND about Shibarium. Aligning. Onboarding. Finalizing. Soon. Very soon.”

Today, investors should continue to monitor the crypto news wires for updates, with the NASDAQ Index also likely to influence.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 1.13% to $0.0702. A mixed start to the day saw DOGE rise to an early high of $0.0715 before falling to a low of $0.0702.

Technical Indicators

DOGE needs to move through the $0.0706 pivot to target the First Major Resistance Level (R1) at $0.0719. A return to $0.0710 would signal a bullish afternoon session. However, the crypto news wires and Twitter news 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 $0.0729. The Third Major Resistance Level (R3) sits at $0.0752.

Failure to move through the pivot ($0.0706) would leave the First Major Support Level (S1) at $0.0696 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0690 and the Second Major Support Level (S2) at $0.0683. The Third Major Support Level (S3) sits at $0.0660.

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0742. This morning, the 50-day EMA fell back from the 200-day EMA, with the 100-day EMA pulling back from the 200-day EMA. The price signals were bearish.

A move through R1 ($0.0719) would support a run at R2 ($0.0729) and the 50-day EMA ($0.0742). However, failure to move through the 50-day EMA ($0.0742) would leave DOGE under pressure.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.73% to $0.00000813. A mixed start to the day saw SHIB rise to an early high of $0.00000822 before falling to a low of $0.00000807.

Technical Indicators

SHIB needs to avoid a fall through the $0.00000812 pivot to target the First Major Resistance Level (R1) at $0.00000835. A return to $0.00000820 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and updates on the Shibarium upgrade.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000852. The Third Major Resistance Level (R3) sits at $0.00000892.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000795 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000780 and the Second Major Support Level (S2) at $0.00000772.

The Third Major Support Level (S3) sits at $0.00000732.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000821. This morning, the 50-day EMA eased back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were bearish.

A break through the 50-day EMA ($0.00000821) would support a breakout from R1 ($0.00000835) to bring the 100-day EMA ($0.00000840) and R2 ($0.00000852) into view. A move through the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($0.00000821) would leave SHIB under pressure. The 200-day EMA sits at $0.00000875.