SHIB to Target $0.00001200 on Release of the Shibarium Upgrade Date

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) bucked the broader crypto market trend and saw red on Monday.
• A lack of network updates led to a pullback as investors looked for altcoin opportunities.
• However, the technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) fell by 2.79% on Monday. Following a 1.26% loss on Sunday, DOGE ended the day at $0.0837. DOGE avoided sub-$0.0800 for the third consecutive session despite the bearish session.

A mixed start to the day saw DOGE rise to an early high of $0.0883 before hitting reverse. Coming up against the First Major Resistance Level (R1) at $0.0884, DOGE slid to a mid-afternoon low of $0.0817. DOGE briefly fell through the First Major Support Level (S1) at $0.0833 before ending the day at $0.0837.

Shiba inu coin (SHIB) fell by 1.13% on Monday. Partially reversing a 2.50% gain from Sunday, SHIB ended the day at $0.00001053. SHIB wrapped up the day at $0.000010 for the fourth consecutive day.

Tracking the broader market, SHIB rose to an early morning high of $0.00001105. Coming up short of the First Major Resistance Level (R1) at $0.00001118, SHIB slid to a mid-afternoon low of $0.00001007. Steering clear of the First Major Support Level (S1) at $0.00000995, SHIB revisited $0.00001076 before falling back into the red.

Shibarium-Fueled Rally Hits Pause as Investors Await a Release Date

On Monday, the Shibarium Network provided further updates on the Shibarium upgrade for investors to consider.

However, the Shibarium Network held back from providing a release date and other details, leading to a pullback from $0.0000110 levels.

The Introduction to Shibarium: Shiba Inu’s Layer 2 Network document provided broad strokes but did not provide details, including the exact number of transactions per second, stating that ‘the range of transactions per second would be comparable to other established networks with similar specifications.’

Following the recent gains in response to the Shibarium upgrade and SHIB burning, investors may need more details to support the run toward $0.000012.

DOGE also struggled with a lack of updates from Twitter and the talk of Twitter Coin raising doubts over the integration of DOGE onto the Twitter payment platform.

Today, network updates remain the key drivers. However, a lack of updates would leave the broader crypto market to provide direction. US economic indicators and corporate earnings will draw interest alongside regulatory chatter.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.36% to $0.0834. A mixed start to the day saw DOGE rise to an early high of $0.0842 before falling to a low of $0.0820.

Technical Indicators

DOGE needs to move through the $0.0846 pivot to target the First Major Resistance Level (R1) at $0.0874 and the Monday high of $0.0883. A return to $0.0850 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 $0.0912 and last week’s high of $0.0926 would likely come into play. The Third Major Resistance Level (R3) sits at $0.0978.

Failure to move through the pivot ($0.0846) would leave the First Major Support Level (S1) at $0.0808 in play. However, barring an extended sell-off, DOGE should avoid sub-$0.0800 and the Second Major Support Level (S2) at $0.0780. The Third Major Support Level (S3) sits at $0.0714.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0813. This morning, the 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA converging on the 200-day EMA. The price signals were bullish.

A bullish cross of the 100-day EMA through the 200-day EMA would support a breakout from R1 ($0.0847) to target R2 ($0.0912). However, a fall through the 50-day EMA ($0.0813) would give the bears a run at S1 ($0.0808) and the 200-day EMA ($0.0792). 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 down 0.47% to $0.00001048. A mixed start to the day saw SHIB rise to an early high of $0.00001061 before falling to a low of $0.00001025.

Technical Indicators

SHIB needs to move through the $0.00001055 pivot to target the First Major Resistance Level (R1) at $0.00001103 and the Monday high of $0.00001105. A return to $0.000011 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 $0.00001153 before easing back. The Third Major Resistance Level (R3) sits at $0.00001251.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001005 in play. However, barring another extended sell-off, SHIB should avoid sub-$0.000010 and the Second Major Support Level (S2) at $0.00000957.

The Third Major Support Level (S3) sits at $0.00000859.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00000978. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A hold above S1 ($0.00001005) and the 50-day EMA ($0.00000978) would support a breakout from R1 ($0.00001103) to target R2 ($0.00001153). However, a fall through S1 ($0.00001005) would bring the 50-day EMA ($0.00000978) into view. A fall through the 50-day would signal a shift in sentiment.