Last week was quite tough for the market. Is this week showing some signs of relief?
After printing a higher high, memecoins are now in search of support.
In this week’s technical analysis, let's check out DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA in the 4-hour time frame using the logarithmic chart.
DOGE/USDT
Last week, DOGE printed a new September low. Since then, the market has experienced some relief to the upside with a higher high. At the time of writing, the coin is trying to form a higher low.
The bulls have a couple of support zones to step in. The first support zone is the August low. If the bulls can successfully bounce and hold this level, there will be some relief to the upside. The next support zone is located at $0.05700. This is where DOGE formed a double bottom.
Successfully holding either of these levels will assist the price in a push towards $0.0700. If the coin fails to hold the $0.05700 level as support, expect to see a lower low.
SHIB/USDT
After printing a higher high, SHIB is now trying to find support. The trend remains in control by the bears until the market confirms the higher low.
Shifting towards the most recent price action, the August low was recently used as resistance. SHIB is now heading towards 1,088. Bulls need to bounce successfully and hold this level to confirm a higher low.
If there is a close below the minor support level, the price will head towards the September low for the third time.
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BABYDOGE/USDT
Last week, BABYDOGE was looking for some relief after retesting the June low. Since then, the token has printed a higher high and is now in search of a higher low.
Bulls need to stay above 1,050. Losing this level will take the price towards the September low. The 1,050 zone will be a battleground for the bulls and bears.
CATE/USDT
This week, CATE failed to hold the area of interest as support. At the time of writing, it has entered a range-trading environment. The September low is acting as support while the area of interest is the resistance.
The trend remains in favor of the bears as the token has already retested the September low twice.
FLOKI/USDT
FLOKI continues to break down. Since bulls lost their structure in early September, bears have been in full control.
At the time of writing, FLOKI is heading towards the September low. The bulls need to hold this level as support or expect to see a price push towards 650.
A 4-hour close above 780 will shift sentiment in favor of the bulls.
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SAITAMA/USDT
Last week, SAITAMA was approaching the area of interest. Since then, it’s been rejected and printed lower lows. The coin is now in a tight-range environment.
The bulls need to close and hold above 1,450 to see some relief. At the time of writing, the bears are in full control.
Summary
Here is a summary of the above:
- DOGE is looking for a higher low.
- SHIB bulls have stepped in.
- BABYDOGE is seeing some relief.
- CATE is in control of the bears.
- FLOKI is looking weak.
- SAITAMA has entered a tight range.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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