Memecoins are now trying to establish support. Are the bulls setting up for another move?
After successfully printing a new monthly high, memecoins are now looking to establish monthly support.
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.
DOGE/USDT
Last week, DOGE was sitting at a major support level. The token continues to range between the $0.11 and $0.15 consolidation zone.
The bulls need to hold this level in order to set up for the next leg to the upside. A close and hold above the $0.12 zone will assist the price towards $0.1360. The bears need to push and hold it below the November low to trigger a move towards the $0.09 zone.
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SHIB/USDT
This week, SHIB has established a consolidation zone between 1,200 and 1,300. The bulls have successfully established support at 1,200 and are looking to extend this rally.
At the time of writing, the token is sitting at a major support level. The bulls need to successfully close and hold above 1,250 to extend this rally to the area of interest.
A bounce off this level will confirm that the trend is in favor of the bulls. However, a rejection from this support zone will assist the price towards the 1,040 support zone.
BABYDOGE/USDT
Last week, BABYDOGE was looking to flip resistance into support, and it succeeded in doing so. At the time of writing, the token is looking to continue to the upside.
A close and hold above the minor resistance shown will assist the price towards the 1,510 resistance zone. However, if there is a rejection from this level, expect to see the price continue to consolidate.
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CATE/USDT
This week, CATE is looking to establish support after finding resistance at 6,800.
This level will be a war zone between the bears and bulls. The token has printed a new monthly low and is looking to extend this rally. The bulls need to close and hold above the September low - or they may see the price revisiting the November low.
FLOKI/USDT
Last week, FLOKI printed a new monthly high! Since then, the token has faced multiple rejections at the 1,100 level and corrected itself down to the August low. However, the bulls are looking to establish a new support zone.
A close and hold above 1,020 is a sign that the price will continue towards the June high. However, if the November low is lost, expect to see a trip to the August low.
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SAITAMA/USDT
SAITAMA continues to respect its bear trend. Last week, the token was establishing support at the 1,150 level.
A close above the minor resistance level (as illustrated in the chart) will assist the price towards the 1,400 zone. However, a rejection from this level will push the price action to print a lower low.
Summary
Here is a summary of the above:
- DOGE is looking to confirm a new support level.
- SHIB is in the middle of a consolidation pattern.
- BABYDOGE is looking to continue to the upside.
- CATE is also looking to confirm support.
- FLOKI is establishing a new resistance and support range.
- SAITAMA is also in a consolidation pattern.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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