Key Insights:
- Dogecoin (DOGE) and shiba inu coin (SHIB) spent bullish sessions on Friday.
- U.S. economic indicators and the NASDAQ index were supported as investors awaited updates on Shibarium and Twitter updates.
- Technical indicators are mixed with signs pointing to further SHIB gains.
Shiba Innu Coin (SHIB) rose 0.60% on Friday. SHIB ended the day at $0.00000842, reversing a 0.12% loss since Friday. SHIB is below $0.0000080 for the fifth consecutive session.
After a short start to the day, SHIB slipped to an early afternoon low of $0.00000816. Finding support at the first major support level (S1) at $0.00000816, SHIB rose to $0.00000849 in the afternoon. However, SHIB eased to end the day at $0.00000842, falling short of one of the major resistance levels (R1) at $0.00000870.
Dogecoin (DOGE) increased by 1.54% on Friday. DOGE ended the day at $0.0726, partially reversing a 2.19% loss since Thursday. Notably, DOGE visited levels below $0.0700 for the first time in three sessions.
The bearish morning DOGE slipped to an early morning low of $0.0695. DOGE rose to a high of $0.0728, finding support at one of the major support levels (S1) at $0.0696. However, while short of one of the major resistance levels (R1) at $0.0743, DOGE eased to end the day at $0.0726.
US economic indicators are supported by DOGE and SHIB
On Friday, US economic indicators drove demand for riskier assets. The US jobs report and ISM non-manufacturing PMI eased bets on a hawkish February Fed interest rate hike. Softer wage growth and a slowdown in the manufacturing sector were behind the shift in sentiment that fueled the NASDAQ index’s rally.
The NASDAQ index rose 2.56%, while the S&P 500 gained 2.28%.
Adding to the bullish session is the shibarium update investors are waiting for. This morning the Shibarium Network released the latest update on the Shibarium update, He is saying.,
“In our last post, we want to remind everyone that BONE is used for the essential gas token used in Shibarium, and we would like to announce publicly that every Shibarium transaction will burn SHIB.”
The shibarium network continued Tell them,
“At this time we are focused on delivery, please stay tuned for more information and as we get closer to beta launch. Please follow @ShibariumNet Our official portals for any information regarding the protocol.
This morning’s announcement of higher burn SHIB prices supported a positive SHIB morning session.
However, there have been no updates from Twitter or the Dogecoin Foundation to support the DOGE crackdown.
Shiba Inu Coin (SHIB) price action
At the time of writing, SHIB is up 0.71% to $0.00000848. A mixed start for the day saw SHIB drop to a high of $0.00000840 before rising to a high of $0.00000871.
SHIB crossed the first major resistance level (R1) at $0.00000855 and the second major resistance level (R2) at $0.00000869 before returning to sub-$0.00000850.
Technical indicators
SHIB needs to remove the $0.00000836 pivot to reset the first high resistance level (R1) at $0.00000855. A retracement to $0.00000850 would indicate a very bullish afternoon session. However, SHIB can take its cues from the broader crypto market and further updates on the Shibarium update.
Regarding the extended rally, SHIB may test the second high resistance level (R2) at $0.00000869. The third major resistance level (R3) sits at $0.00000902.
A break through the pivot brings into play the first major support level (S1) at $0.00000822. However, barring another extended sell, SHIB should break away from $0.00000810 and the second major support level (S2) at $0.00000803.
The third major support level (S3) is located at $0.00000770.
EMAs send a bullish signal, SHIB sits above the 100-day EMA, currently at $0.00000832. This morning, the 50-day EMA has closed above the 100-day EMA, while the 100-day EMA is narrowing to the 200-day EMA. The symptoms were brutal.
A break above the 200-day EMA ($0.00000855) and R1(0.00000855) would support another run at R2 ($0.00000869). However, a drop in the 100-day ($0.00000832) and 50-day ($0.00000829) EMAs brings S1 ($0.00000822) into play. A break through the 50-day EMA sends a bearish signal.
Dogecoin (DOGE) price action
At the time of writing, DOGE is down 0.96% to $0.0719. At the mixed start of the day, DOGE rose to $0.0730 earlier before falling as low as $0.0719.
Technical indicators
DOGE needs to remove the $0.0716 pivot to target the first high resistance level (R1) at $0.0738. A move back to $0.0730 would signal a tough afternoon session. However, crypto newswires and network updates should be suitable for DOGE to support the emergency session.
In the event of an extended afternoon breakout session, the bulls could make a run at the second major resistance level (R2) at $0.0749. The third major resistance level (R3) is located at $0.0782.
A break through the pivot ($0.0716) brings into play the first major support level (S1) at $0.0705. However, barring another extended selloff, DOGE should break away from $0.0690 and the second major support level (S2) at $0.0683. The third major support level (S3) is located at $0.0650.
EMAs have sent a bearish signal, DOGE is sitting at the 50-day EMA, now at $0.0719. This morning, the 50-day EMA has bounced back from the 100-day EMA, while the 100-day EMA has fallen behind the 200-day EMA. The price signals were weak.
A run above the 50-day EMA ($0.0720) is supported by R1 ($0.0738) and the 100-day EMA ($0.0739). However, a break below the 50-day EMA ($0.0719) would send a bearish signal and allow the bears to look below $0.0700.