SHIB Eyes $0.00001010 to Target $0.00001050, with DOGE on the Move

Key Insights:

• It was a mixed Friday session, with dogecoin (DOGE) bucking the broader market trend with a modest 0.13% loss.
• News of Netflix and Amazon.com accepting SHIB delivered a bullish session.
• The technical indicators remain bearish, with Fed fear lingering despite Friday’s chatter.

On Friday, dogecoin (DOGE) slipped by 0.13%. Partially reversing a 1.25% gain from Thursday, DOGE ended the day at $0.05934.

A bearish morning saw DOGE fall from an early high of $0.05951 to a mid-day low of $0.05714. DOGE fell through the First Major Support Level (S1) at $0.0583 and the Second Major Support Level (S2) at $0.0572. However, steering clear of sub-$0.0570, DOGE revisited $0.05950 before easing back.

Shiba inu coin (SHIB) rose by 1.21% on Friday. Following a 0.51% gain on Thursday, SHIB ended the day at $0.00001003.

A choppy start to the day saw SHIB fall through the First Major Support Level (S1) at $0.00000976 to a mid-day low of $0.00000960. Finding support at the Second Major Support Level (S2) at $0.00000960, SHIB rallied to a late high of $0.00001007 before easing back. Despite the bullish afternoon, SHIB came up short of the First Major Resistance Level (R1) at $0.00001010.

Market angst from US economic indicators on Thursday continued to weigh on the crypto market going into the Friday session. However, sentiment shifted throughout the afternoon. Less hawkish FOMC member chatter and US Treasury Secretary Janet Yellen provided riskier assets with much-needed support.

SHIB received an added boost on news of SHIB holders being able to use SHIB to make payments on Netflix (NFLX) and Amazon.com (AMZN).

On Friday, French Connection Finance (FCF) announced that Visa (V) card holders can make payments on Amazon and Netflix with SHIB, among other coins.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 0.19% to $0.05945. A mixed start to the day saw DOGE fall to an early low of $0.05929 before rising to a high of $0.05994.

Technical Indicators

DOGE needs to avoid the $0.0587 pivot to target the First Major Resistance Level (R1) at $0.0602. Twitter (TWTR) news updates and a pickup in investor appetite would support a return to $0.0600.

In the case of an extended crypto market rally, DOGE should test the Second Major Resistance Level (R2) at $0.0610 and resistance at $0.0615. The Third Major Resistance Level (R3) sits at $0.0634.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0578 into play. However, barring another extended crypto sell-off, DOGE should steer clear of sub-$0.0570 and the Second Major Support Level (S2) at $0.0563. Third Major Support Level (S3) at $0.0539

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.05949. The 50-day EMA slipped back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The price signals were bearish.

A move through the 50-day EMA ($0.05949) would give the bulls a run at the 100-day EMA ($0.05998) and R1 ($0.0602). However, failure to move through the 50-day EMA ($0.05949) would leave DOGE under pressure.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.80% to $0.00000995. A mixed start to the day saw SHIB rise to an early high of $0.00001008 before falling to a low of $0.00000994.

Technical Indicators

SHIB needs to avoid the $0.00000990 pivot to target the First Major Resistance Level (R1) at $0.00001020. However, SHIB would need broader market support to break out from the morning high of $0.00001008.

A broad-based crypto rally would see SHIB test the Second Major Resistance Level (R2) at $0.00001037 and resistance at $0.00001050. The Third Major Resistance Level (R3) sits at $0.00001084.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000973 into play. Barring an extended sell-off, SHIB should avoid sub-$0.00000950 and the Second Major Support Level (S2) at $0.000000943.

The Third Major Support Level (S3) sits at $0.00000896.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00001017. This morning, the 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The signals were bearish.

A move through the 50-day EMA ($0.00001017) and R1 ($0.00001020) would give the bulls a run at R2 ($0.00001037). However, failure to move through the 50-day EMA ($0.00001017) would leave S1 ($0.00000973) in view.