SHIB Targets $0.00000950 While DOGE Struggles to Revisit $0.0900

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in positive territory for a second consecutive session on Wednesday.
• Improved sentiment towards FTX contagion risk and Fed monetary policy delivered DOGE and SHIB support.
• However, the technical indicators remain bearish, with the EMAs signaling a possible pullback.

On Wednesday, dogecoin (DOGE) rose by 4.20%. Following a 5.23% rally on Tuesday, DOGE ended the day at $0.0818. Notably, DOGE avoided ending the day at sub-$0.0800 for the first time in four sessions.

A mixed start to the day saw DOGE fall to an early low of $0.0777. Steering clear of the First Major Support Level (S1) at $0.0744, DOGE rallied to an early high of $0.0835. DOGE broke through the First Major Resistance Level (R1) at $0.0911 before easing back.

However, a bullish afternoon saw DOGE break back through R1 to end the day at $0.0818.

Shiba inu coin (SHIB) rose by 2.72% on Wednesday. Following a 4.76% rally on Tuesday, SHIB ended the day at $0.00000905.

Tracking the broader market, SHIB fell to an early low of $0.00000874. Steering clear of the First Major Support Level (S1) at $0.00000838, SHIB rallied to an early high of $0.00000910. SHIB broke through the First Major Resistance Level (R1) at $0.00000904 before easing back to sub-$0.00000890.

However, a bullish end to the session saw SHIB break back through R1 to end the day at $0.00000905.

FTX contagion risk eased further on Wednesday, delivering DOGE, SHIB, and the broader market with support. Hopes of FTX assets limiting the impact on creditors continued to provide price support mid-week.

However, the FOMC meeting minutes also delivered support to riskier assets later in the day. The FOMC meeting minutes revealed members considering smaller rate hikes, supporting market bets of a December Fed pivot.

In response to the minutes, the probability of a 75-basis point December rate hike fell from 24.2% to 19.4%. The increased likelihood of a 50-basis point rate hike also delivered NASDAQ support. On Wednesday, the NASDAQ Composite Index rose by 0.99%.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 0.73% to $0.0824. A mixed start to the day saw DOGE fall to an early low of $0.0807 before rising to a high of $0.0842.

The First Major Resistance Level (R1) at $0.0843 capped the upside early on.

Technical Indicators

DOGE needs to avoid the $0.0810 pivot to retarget the First Major Resistance Level (R1) at $0.0843. A move through the morning high of $0.0842 would signal a bullish afternoon session. However, the crypto news wires need to be crypto-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 $0.0868 and $0.0900. The Third Major Resistance Level (R3) sits at $0.0926.

A fall through the pivot ($0.0810) would bring the First Major Support Level (S1) at $0.0785 into play. Barring an extended sell-off, DOGE should avoid sub-$0.0770 and the Second Major Support Level (S2) at $0.0752. However, further signs of FTX contagion would bring sub-$0.0700 into view.

The Third Major Support Level (S3) sits at $0.0694.

The EMAs sent a bearish signal, with DOGE sitting at the 50-day EMA, currently at $0.0821. The 50-day EMA flattened on the 200-day EMA, while the 100-day EMA pulled back from the 200-day EMA. The price signals were mixed.

A breakout from the 50-day EMA ($0.0821) would support a move through R1 ($0.0843) to bring the 100-day ($0.0861) and 200-day ($0.0864) EMAs into play. However, a fall through the 50-day EMA ($0.0821) would give the bears a run at S1 ($0.0785).

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.66% to $0.00000911. A mixed start to the day saw SHIB fall to an early low of $0.00000898 before rising to a high of $0.00000920.

The First Major Resistance Level (R1) at $0.00000919 capped the upside early on.

Technical Indicators

SHIB needs to avoid a fall through the $0.00000896 pivot to retarget the First Major Resistance Level (R1) at $0.00000919. A return to $0.00000920 would signal a bullish afternoon session. However, any further contagion news would test buyer appetite.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000932 and resistance at $0.00000950. The Third Major Resistance Level (R3) sits at $0.00000968.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000883 into play. Barring another extended sell-off, SHIB should avoid sub-$0.00000880 and the Second Major Support Level (S2) at $0.00000860.

The Third Major Support Level (S3) sits at $0.00000824.

The EMAs send a bearish signal, with SHIB sitting below the 100-day EMA, currently at $0.00000947. This morning, the 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA fell back from the 200-day EMA. The signals were mixed.

A move through the R1 ($0.00000919) would give the bulls a run at R2 ($0.00000932) and the 100-day EMA ($0.0000947). However, a fall through the 50-day EMA would bring S1 ($0.00000883) into view.