Shiba Inu (SHIB) Gains 8%, With Dogecoin Also Discovering Reliable Support

  • Shiba Inu and Dogecoin saw bullish moves during the weekend, with SHIB gaining approximately 8.20% over the past day.
  • The leading meme coins led gainers after trailing broad markets amid Friday sessions.
  • SHIB and DOGE overpowering their 100-day exponential moving averages had vital technical indicators turning bullish.

Dogecoin and Shiba Inu displayed bullish motions on Saturday. Bullish sentiment within the overall crypto spectrum delivered upsurges on the day. Dogecoin gained around 2.41% ending the day near $0.1237, whereas SHIB’s 0.63% Friday upsurge supported another 8.20% surge to $0.00002415.

Market Sentiment and SHIB News Ensure Impressive Gains

News about the Shiba Inu community burning roughly 189.7 million SHIB triggered upswings for the meme token. Shibburn announced the token burn via Twitter. Also, broad market sentiments supported Shiba Inu and Dogecoin’s uptrends for the day.

Positive sentiment had Avalanche (4.65% up) and Cardano (5.99% gains) finding massive support, whereas the new token ApeCoin (APE) lost 10.28%.

Dogecoin Price Action: Technical Indicators

Dogecoin traded around $0.1227, at this writing, following a 0.81% drop. The original meme token has to avoid the $0.1221 day’s pivot for a climb towards the first critical resistance area at $0.1264. Dogecoin would require broad market backing for a move past Saturday’s peak at $0.1251.

Extended rallies would see DOGE testing the 2nd resistance zone at $0.1291 before targeting the hurdle near $0.13. Dogecoin’s third crucial resistance locates at $0.1358. Meanwhile, weakness at the pivot would trigger downswings. The first massive support barrier stands at $0.1197. Excluding extended downswings, Dogecoin should keep the sub-$0.118 away. The 2nd critical support stands at $0.1157.

SHIB Technical Indicators

Shiba Inu traded at $0.00002378 at this publication, following a 0.53% dip.

SHIB needs a move past the day’s pivot at $0.0000239 for an upside move towards the initial resistance zone at $0.0000257. Broad market support is necessary for the DOGE competitor to overpower Saturday’s peak at around $0.00002547.

Extended rallies would see SHIB testing the 2nd resistance zone near $0.0000272. Shiba Inu’s 3rd resistance stood at $0.0000305. However, failure to rally past the pivot would expose the initial support floor at $0.0000224. Further downswings will see the meme token exploring the 2nd support at $0.0000206.

Editorial credit: Elpisterra /