Key Insights: Dogecoin (DOGE) and shiba inu coin (SHIB) enjoyed bullish sessions on Friday. US economic indicators and the NASDAQ Index delivered sup
Key Insights:
- Dogecoin (DOGE) and shiba inu coin (SHIB) enjoyed bullish sessions on Friday.
- US economic indicators and the NASDAQ Index delivered support as investors awaited the Shibarium upgrade and Twitter updates.
- The technical indicators are mixed, with signals pointing to further SHIB gains.
Shiba inu coin (SHIB) rose by 0.60% on Friday. Reversing a 0.12% loss from Friday, SHIB ended the day at $0.00000842. SHIB avoided sub-$0.0000080 for the fifth consecutive session.
After a choppy start to the day, SHIB slid to an early afternoon low of $0.00000816. Finding support at the First Major Support Level (S1) at $0.00000816, SHIB rose to a late afternoon high of $0.00000849. However, coming up short of the First Major Resistance Level (R1) at $0.00000870, SHIB eased back to end the day at $0.00000842.
Dogecoin (DOGE) rose by 1.54% on Friday. Partially reversing a 2.19% loss from Thursday, DOGE ended the day at $0.0726. Notably, DOGE revisited sub-$0.0700 levels for the first time in three sessions.
A bearish morning saw DOGE slide to a morning low of $0.0695. Finding support at the First Major Support Level (S1) at $0.0696, DOGE rallied to a late high of $0.0728. However, coming up short of the First Major Resistance Level (R1) at $0.0743, DOGE eased back to end the day at $0.0726.
US Economic Indicators Deliver DOGE and SHIB Support
On Friday, US economic indicators drove demand for riskier assets. The US Jobs Report and ISM Non-Manufacturing PMI eased bets of a hawkish February Fed interest rate hike. Softer wage growth and a contraction in the non-manufacturing sector were behind the shift in sentiment that fueled a NASDAQ Index rally.
The NASDAQ Index rose by 2.56%, with the S&P 500 gaining 2.28%.
Adding to the bullish session is investor anticipation of the Shibarium upgrade. This morning, the Shibarium Network delivered its latest update on the Shibarium upgrade, saying,
“While on our last post we wanted to remind everyone that BONE serves as the required gas token for operability within the Shibarium, we would also now like to formally announce that each Shibarium transaction will burn SHIB.”
The Shibarium Network went on to say,
“We are focused in delivery at this time, please stay tuned for additional information and as we approach our beta launch. Please follow @ShibariumNet and our official portals for any information in regards to the protocol.”
This morning’s announcement supported a bullish SHIB morning session, with higher burn rates SHIB price positive.
However, there were no updates from Twitter or the Dogecoin Foundation to support a DOGE breakout.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was up 0.71% to $0.00000848. A mixed start to the day saw SHIB fall to an early low of $0.00000840 before rising to a high of $0.00000871.
SHIB broke through the First Major Resistance Level (R1) at $0.00000855 and the Second Major Resistance Level (R2) at $0.00000869 before a return to sub-$0.00000850.
Technical Indicators
SHIB needs to avoid the $0.00000836 pivot to retarget the First Major Resistance Level (R1) at $0.00000855. A return to $0.00000850 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and further updates on the Shibarium upgrade.
In the case of an extended rally, SHIB would likely retest the Second Major Resistance Level (R2) at $0.00000869. The Third Major Resistance Level (R3) sits at $0.00000902.
A fall through the pivot would bring the First Major Support Level (S1) at $0.00000822 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000810 and the Second Major Support Level (S2) at $0.00000803.
The Third Major Support Level (S3) sits at $0.00000770.
The EMAs send a bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00000832. This morning, the 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The signals were bullish.
A move through the 200-day EMA ($0.00000855) and R1 ($0.00000855) would support another run at R2 ($0.00000869). However, a fall through the 100-day ($0.00000832) and the 50-day ($0.00000829) EMAs would bring S1 ($0.00000822) into play. A fall through the 50-day EMA would send a bearish signal.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was down 0.96% to $0.0719. A mixed start to the day saw DOGE rise to an early high of $0.0730 before falling to a low of $0.0719.
Technical Indicators
DOGE needs to avoid the $0.0716 pivot to target the First Major Resistance Level (R1) at $0.0738. A return to $0.0730 would signal a bullish afternoon 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 afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.0749. The Third Major Resistance Level (R3) sits at $0.0782.
A fall through the pivot ($0.0716) would bring the First Major Support Level (S1) at $0.0705 into 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 $0.0650.
The EMAs sent a bearish signal, with DOGE sitting at the 50-day EMA, currently at $0.0719. This morning, the 50-day EMA slipped back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The price signals were bearish.
A breakout from the 50-day EMA ($0.0720) would support a run at R1 ($0.0738) and the 100-day EMA ($0.0739). However, a fall through the 50-day EMA ($0.0719) would send a bearish signal and give the bears a look at sub-$0.0700.
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