With the market finding some stability, has it found a new local bottom? Which memecoins are looking bullish in the short term? Read more to find out!
In last week's analysis, we saw memecoins find short-term support. Since then, we have seen a rally to the upside and a higher high in progress.
In this week's technical analysis, we will be taking a deep look into your favorite memecoins: DOGE, SHIB, BABYDOGE, CATE, FLOKI, and SAITAMA in the 4-hour time frame.
DOGE/USDT
Sticking to our usual routine and using the logarithmic chart.
Taking a look at the 4-hour time frame, we can see DOGE has breached our area of interest and tested for support. Since flipping the area for support, DOGE has continued to the upside. The next thing to look for is a higher high.
Shifting towards our most recent price action, we can see DOGE is testing resistance. At the time of writing, there are no signs of a reversal inside this resistance zone. A successful close above this level will assist DOGE in a new uptrend.
If there is a 4-hour close above the resistance shown in the chart, DOGE will continue its move towards $0.075. However, if there is a rejection from this zone, expect to see DOGE return to our area of interest.
You may also check out our guide on how to use swing failure patterns in crypto!
SHIB/USDT
SHIB has found short-term support. In last week's analysis, it printed a new June low. This week it printed a new June low again while confirming support. The bulls have shown up to work this week. Is this the beginning of a new trend?
Looking at our most recent price action, we can see that SHIB has left our area of interest. At the time of writing, it is testing major resistance. This is a critical level as there is no confirmation of a reversal yet.
If there is a 4-hour close above the resistance, expect a retest of the June high. However, if there is a rejection from this level, expect to see a reversal.
BABYDOGE/USDT
When comparing other memecoins, BABYDOGE has one of the healthier looking charts. The bulls have managed to keep their structure.
Shifting towards our most recent price action, we can see a higher low was confirmed. Since confirming the higher low, we have seen BABYDOGE continue to the upside. BABYDOGE is now sitting at a pivotal level.
A 4-hour close above our resistance zone will assist the price in a push towards 1900. However, a rejection from this level could send the price towards our area of interest.
Check out our list of the best technical indicators for crypto and stocks!
CATE/USDT
The major trend remains in favor of the bears. However, in the short term, we have seen some relief. Can the bulls keep this momentum going?
Looking at our most recent price action, we can see a new June low was printed. Since then, we have seen CATE make a run towards our area of interest mentioned in last week's analysis. There have been no major signs of the bulls stepping in.
If there is a 4-hour close above 3,500, expect to see a push towards 3,700. However, a rejection from 3,500 will trigger a sell-off towards the June low.
FLOKI/USDT
FLOKI has not shown as many changes since our last week's analysis. Is there a big move waiting ahead?
Recently, FLOKi has printed a new monthly low. The major trend remains in favor of the bears with no major signs of a reversal.
At the time of writing, FLOKI is testing our area of interest. If the bulls can reclaim this level we can expect a run to 750.
If there is a 4-hour close above 600, expect to see FLOKI start a new trend. However, a rejection from this level will trigger a sell-off.
Want to learn more? Check out what is the golden ratio and why is it important in crypto trading!
SAITAMA/USDT
This week, we can see not much has changed for SAITAMA. The market continues to range between 2820 and 3500. Is this a setup for a bigger move ahead?
Shifting towards our most recent price action, we can see the price is accumulating towards resistance. Consolidation under resistance is a good sign for the bulls.
If there is a 4-hour close above the resistance level shown in the chart, expect to see a big move to the upside. However, a rejection from this level will trigger a trip to the June low.
Summary
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
● DOGE is picking up a bullish momentum.
● SHIB bulls are appearing.
● BABYDOGE has the best chart among all.
● CATE has found a short-term relief.
● FLOKI is sitting in consolidation.
● SAITAMA is prepping for a big move.
Something to look out for this week is if the market can successfully close above resistance. A successful close above this zone will trigger a small bull cycle.
Remember that this is all based on the subjective views of the writer. As always do your own research.
Not sure whether to invest your hard-earned money in crypto or stocks? Check out our comprehensive guide on Bitcoin vs S&P 500!
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