As the market continues to make higher highs, let's see how the memecoins are doing!
Last week, memecoins printed a higher low and found support. In this week’s technical analysis, we will analyze the price charts of DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA in the 4-hour time frame to monitor their current conditions.
DOGE/USDT
This week, DOGE is approaching a minor resistance level at $0.0770. The token has been in an uptrend since last week.
The bulls need to push the price above the resistance shown above and hold this level. A rejection from this level could print a lower high and would push the price back to the November 2022 low.
Also Read: Breakout vs Fakeout (False Breakout)
SHIB/USDT
Last week, SHIB was trying to confirm support. Since then the token has bounced off the 2022 September low.
SHIB seems to be in an uptrend and is trying to extend this rally. The bulls need to push and hold the price above the lower high at 1,140. Rejection from this level may end up shifting the market structure in favor of the bears. Keep an eye on this level, as it could be a big week!
Also Read: A Complete Guide to Death Cross and Golden Cross?
BABYDOGE/USDT
This week, BABYDOGE is looking to extend its move to the upside. Last week the token printed lower highs and lower lows on the lower time frame.
Since then, BABYDOGE has been making steady moves towards the area of interest. At the time of writing, the bulls are trying to push the price above the area of interest. Rejection from this level would push the price to ~1.75.
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CATE/USDT
Last week, CATE was trying to establish support at the 2022 October low. It succeeded and has been making steady moves to the upside since then.
At the time of writing, CATE is testing the area of interest shown above as resistance. A close and hold above it will assist with a push towards the 2022 September low. However, rejection from this level may prove to be devastating for the bulls.
Also Read: What Are Ranges in Trading and How to Use Them?
FLOKI/USDT
This week, FLOKI has been moving steadily after finding support at the 2,800 level. The token is now looking to push above the area of interest shown above.
It is important to note that FLOKI has already attempted to close above this resistance level twice. Another rejection from this level would shift the market structure in favor of the bears.
SAITAMA/USDT
Last week, SAITAMA was trying to establish support at the August low. Later, it broke below this level before reclaiming it back as support.
At the time of writing, SAITAMA is making a push towards its resistance level at 2,400. If the bulls can successfully break this level, expect to see a push towards the 3,000 zone.
Summary
Here is a summary of the above:
- DOGE is making a push towards resistance.
- SHIB is following in DOGE’s footsteps.
- BABYDOGE is attempting to print a higher high.
- CATE is looking to break resistance.
- FLOKI is in a consolidation pattern.
- SAITAMA is looking to extend to the upside.
Writer’s Disclaimer: This article is based on my limited knowledge and experience. It has been written for educational purposes. It should not be construed as advice in any shape or form. As always do your own research.
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