Memecoins continue to test to the November low. Will November hold once again?
After a successful second bounce off the November low, memecoins are trying to recover recent gains.
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 to analyze their performance.
DOGE/USDT
This week, DOGE is trying to confirm support above the November low. Last week, the token was rejected by the area of interest, causing a sell-off.
At the time of writing, the DOGE bulls need to push and hold the price above $0.082 to see some relief. The bears are trying to keep the price near the November low. A close and hold below $0.075 will assist it to $0.065.
SHIB/USDT
Last week, SHIB was looking to hold the area of interest as support and failed. Since then, it has been creating lower highs and lower lows.
SHIB has once again found support at the November low. The bulls need to close and hold above 870 to extend this move to the upside
At the time of writing, support is not confirmed, and the bears can take over any moment.
BABYDOGE/USDT
This week, BABYDOGE is testing the November low as resistance. After losing the September low as support, the token has been printing lower highs and lower lows.
The bulls need to close and hold above the November low to establish support. However, a rejection from this level will assist the price towards a new monthly low.
CATE/USDT
Last week, CATE was in a consolidation pattern and briefly broke below the November low.
At the time of writing, CATE has found support at the November low. The bulls need to close and hold above 4,050 to assist the price towards the October low.
FLOKI/USDT
This week, FLOKI is looking to confirm support with a close above the August low. Rejection from this level will take the price to the area of interest.
At the time of writing, FLOKI is one of the memecoins that is not sitting at its November low.
SAITAMA/USDT
SAITAMA is currently trying to extend a minor rally. It is also one of those memecoins not sitting at their November lows. The bulls need to close and hold above 1100 to extend this rally. However, a rejection from this level will push the price to the area of interest.
Summary
Here is a summary of the above:
- DOGE is trying to confirm support.
- SHIB is aiming for a higher low.
- BABYDOGE is sitting at resistance.
- CATE is looking to hold the November low.
- FLOKI is attempting to establish support.
- SAITAMA is also aiming for a higher low.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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