With Bitcoin making wildly unpredictable moves, is it wise to long memecoins?
After confirming support at the September low, memecoins have been climbing steadily.
In this week’s technical analysis, let's check out the price charts of DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA in the 4-hour time frame.
DOGE/USDT
Last week, DOGE was in search of support. It confirmed it and printed a higher high. At the time of writing, it is trying to confirm a higher low.
The bulls have to go above the August low to confirm support. A successful close and hold above this level will assist the price towards the resistance zone. The next target for the bulls would be the area of interest.
A rejection from the August low can send the price towards the September low. This is going to be a battleground for the bulls and bears.
SHIB/USDT
Since printing the higher high, SHIB has been in a consolidation pattern. The bulls are now trying to break the trend with a close above the August low.
Looking at the most recent price action, the token is respecting a range between 1,088 and 1,145. A close and hold above either of these levels will send the price in that direction.
At the time of writing, the trend remains in control by the bears. However, the bulls are starting to show their presence.
Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?
BABYDOGE/USDT
Last week, BABYDOGE was trying to confirm support. The token is up by 40% since last week’s analysis.
At the time of writing, BABYDOGE is near the resistance level. Some minor relief to the downside is expected after a nice rally. However, there is no confirmation if there will be a reversal.
CATE/USDT
This week, CATE is trying to make a move to the upside. It has successfully closed above the range mentioned in last week’s analysis.
At the time of writing, the trend remains in control by the bears. However, the bulls are making some steady progress.
A 4-hour close above 7,400 will assist the price towards 7,800. If there is a rejection from this level, expect to see a retest of the range.
Also Read: What Is Crypto Options Trading?
FLOKI/USDT
Last week, FLOKI was in search of support. It has recently printed a higher high.
The bulls need to stay above 750 and hold it as support. Losing the level will take the price towards the September low.
SAITAMA/USDT
Last week, SAITAMA was in search of support. It has recently formed a new September low with a lower high.
If there is a 4-hour close below 1,300, expect to see a push towards the September low.
Also Read: Crypto Short Squeeze
Summary
Here is a summary of the above:
- DOGE is looking for a move to the upside.
- SHIB is setting up for a breakout.
- BABYDOGE is going parabolic.
- CATE bulls are stepping in.
- FLOKI has entered a consolidation range.
- SAITAMA continues to create lower lows.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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