SHIB Bulls to Target $0.000012 on the Latest Shibarium Upgrade News

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) had a mixed Sunday session. While DOGE joined the broader market in the red, SHIB extended its winning streak.
• Investor sentiment toward the Shibarium upgrade delivered another breakout session for SHIB, while profit-taking left DOGE in the red.
• However, the technical indicators are bullish, signaling further price gains.

Dogecoin (DOGE) fell by 1.26% on Sunday. Partially reversing a 2.95% gain from Saturday, DOGE ended the week up 17.30% to $0.0861.

A mixed start to the day saw DOGE rise to an early high of $0.0880 before hitting reverse. Coming up short of the First Major Resistance Level (R1) at $0.0922, DOGE slid to a late morning low of $0.0828. Steering clear of the First Major Support Level (S1) at $0.0825, DOGE revisited $0.0870 before easing back.

Shiba inu coin (SHIB) rose by 2.50% on Sunday. Following a 1.76% gain on Saturday, SHIB ended the week up 23.26% to $0.00001065.

Tracking the broader market, SHIB fell to a late morning low of $0.00000979 before finding support. Steering clear of the First Major Support Level (S1) at $0.00000960, SHIB rallied to a late high of $0.00001102. However, coming up short of the First Major Resistance Level (R1) at $0.00001114, SHIB eased back to end the day at $0.00001065.

Shibarium Updates Delivered a Bullish Sunday Session

Overnight, the Shibarium Network delivered the latest updates on the Shibarium upgrade, saying,

“Introduction to Shibarium: Shiba Inu’s layer 2 Network – Rejoice ShibArmy! Shibarium Beta is about to launch, and through this article, we want to introduce some basic concepts in order to provide clarity to the community.”

The Shibarium Network shared a detailed document outlining the attributes of Shibarium and invited participants to test the network. Significantly, the document affirmed that ‘all transactions on the network will have an implicit burn amount for SHIB token.’

However, the document did not reveal the exact number of transactions per second. The Shibarium Network stated that ‘the range of transactions per second would be comparable to other established networks with similar specifications.

There were no updates from the DOGE Foundation nor Twitter to provide price support, leaving DOGE in the hands of the broader crypto market.

Today, network updates remain the key drivers. However, a lack of updates would leave the broader crypto market to provide direction. Easing FTX contagion risk and bets of a 25-basis point Fed interest rate hike and less aggressive interest rate path remain crypto tailwinds.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 0.70% to $0.0867. A mixed start to the day saw DOGE fall to an early low of $0.0853 before rising to a high of $0.0883.

The First Major Resistance Level (R1) at $0.0884 capped the upside this morning.

Technical Indicators

DOGE needs to avoid a fall through the $0.0856 pivot to retarget the First Major Resistance Level (R1) at $0.0884. A move through the morning high of $0.0883 would signal a 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 rally, the Second Major Resistance Level (R2) at $0.0907 and last week’s high of $0.0926 would likely come into play. The Third Major Resistance Level (R3) sits at $0.0958.

A fall through the pivot ($0.0856) would bring the First Major Support Level (S1) at $0.0833 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0830 and the Second Major Support Level (S2) at $0.0805. The Third Major Support Level (S3) sits at $0.0754.

The EMAs sent a bullish signal, with DOGE sitting above the 200-day EMA, currently at $0.0807. This morning, the 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA closing in on the 200-day EMA. The price signals were bullish.

A hold above S1 ($0.0833) and the 50-day EMA ($0.0807) would support a breakout from R1 ($0.0884) to target R2 ($0.0907) and $0.0926. However, a fall through S1 ($0.0833) would give the bears a run at the 50-day EMA ($0.0807). 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 0.94% to $0.00001075. A mixed start to the day saw SHIB fall to an early low of $0.00001054 before rising to a high of $0.00001105.

Technical Indicators

SHIB needs to avoid the $0.00001049 pivot to target the First Major Resistance Level (R1) at $0.00001118. A move through the morning high of $0.00001105 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 $0.00001172 before easing back. The Third Major Resistance Level (R3) sits at $0.00001295.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000995 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000980 and the Second Major Support Level (S2) at $0.00000926.

The Third Major Support Level (S3) sits at $0.00000803.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00000960. The 50-day EMA widened from the 100-day EMA, with the 100-day EMA pulling away from the 200-day EMA. The signals were bullish.

A hold above S1 ($0.00000995) and the 50-day EMA ($0.00000960) would support a breakout from R1 ($0.00001118) to target R2 ($0.00001172). However, a fall through S1 ($0.00000995) would bring the 50-day EMA ($0.00000960) into view. A fall through the 50-day would signal a shift in sentiment.