Will the November low hold?
Memecoins have successfully bounced off the November low three times.
In this week’s technical analysis, let’s check the price charts of DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA in the 4-hour time frame to analyze their performance.
DOGE/USDT
Last week, DOGE attempted to confirm support with a bounce off the November low.
At the time of writing, it is attempting to confirm support. A close above $0.078 would help the bulls push towards the area of interest. The bears, on the other hand, need to close and hold below $0.074 to continue creating lower lows. This is a critical level for DOGE, and it is currently a battleground for the bulls and bears.
SHIB/USDT
This week, SHIB is attempting to hold the November low as support. The token continues to create lower highs and lower lows. At the time of writing, there are no significant signs of a reversal.
The SHIB bulls need to close and hold above the 830 level, or else the bears will extend their move downward. A close and hold above 840 would help the bulls push upwards.
BABYDOGE/USDT
Last week, BABYDOGE attempted to confirm support and succeeded. It has found some short-term relief.
At the time of writing, BABYDOGE is testing the November low as resistance. A close and hold above this level would help the price move towards the September low. However, a close below the December low would not be favorable for the bulls.
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CATE/USDT
This week, CATE continues to sit above the November low. The token has been consolidating at this level since December 16th.
The CATE bulls have confirmed support and are attempting to extend towards the October low. At the time of writing, the bulls have gained short-term control. However, a close and hold below the November low could change the situation.
FLOKI/USDT
Last week, FLOKI attempted to flip the August low into support but failed.
At the time of writing, FLOKI is still trying to establish support. A close and hold above the November low would help the bulls push towards 1,020. Losing this level would push the price towards the area of interest.
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SAITAMA/USDT
This week, SAITAMA continues to follow its uptrend. At the time of writing, there are no significant signs of a reversal. A close and hold above 1,140 would help the price move towards minor resistance.
However, if the bears can push the price below 1,100, we can expect to see further consolidation.
Summary
Here is a summary of the above:
- DOGE is attempting to establish support.
- SHIB is in the midst of consolidation.
- BABYDOGE is also attempting to establish support.
- CATE is attempting to extend to the upside.
- FLOKI continues to consolidate.
- SAITAMA is attempting to continue its uptrend.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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