Dogecoin (CRYPTO: DOGE) on Wednesday surged 12%, breaking out of a multi-week descending wedge, while Shiba Inu (CRYPTO: SHIB) exploded 9% as the burn rate skyrocketed 900% in 24 hours.
Dogecoin’s Pattern Breakout
DOGE broke decisively above the upper trendline of a descending wedge pattern that compressed price since mid-January.
The explosive momentum candle pushing through $0.1030 represents a textbook bullish signal after weeks of compression.
Price reclaimed all major EMAs in one powerful surge—the 20 EMA at $0.09545, 50 EMA at $0.09666, 100 EMA at $0.09883, and now challenges the 200 EMA at $0.10508.
A clean 4-hour close above the 200 EMA would confirm full bullish EMA reclamation for the first time in weeks.
The Chaikin Money Flow crossed back into positive territory at +0.01 after spending prolonged periods below zero and recently hitting extreme negative readings near -0.20.
This swing from deeply negative to positive signals buying pressure is returning and accumulation is underway.
Immediate resistance sits at the 200 EMA at $0.10508, which aligns with horizontal resistance around $0.1050.
Breaking above opens the door toward $0.115-$0.120, corresponding to prior consolidation from early-to-mid January. The breakout zone around $0.098-$0.1 now becomes critical support.
Shiba Inu’s Breakout And Burn
SHIB burst above the 0.382 Fibonacci level at $0.00000626, resolving an ascending triangle pattern that formed since early February.
A rising support trendline caught every low and compressed price upward into Fibonacci resistance.
The Supertrend at $0.00000592 sits just below price, and today’s surge broke above the indicator—signaling the trend is shifting from bearish to bullish.
A confirmed 4-hour close above would mark a major structural change, officially ending the weeks-long downtrend.
RSI spiked to 64.86, crossing well above the midline 50 level. This isn’t just a bounce—the reading near 65 shows genuine momentum and buying strength.
The burn rate exploded 900.37% in 24 hours with 18,713,697 SHIB burned according to ShibBurn data.
Immediate targets sit at the 0.5 Fibonacci at $0.00000662, followed by the 0.618 golden pocket at $0.00000698. Each Fibonacci zone will act as short-term resistance, but today’s momentum is strong enough to challenge them sequentially.
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