Memecoins recently confirmed the double bottom! Will the rally continue?
After successfully bouncing off the November low, memecoins are looking to extend this move to the upside.
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
Last week, DOGE was searching for support after being rejected by the area of interest. This week the coin successfully bounced off the November low and closed above the area of interest.
At the time of writing, DOGE is in consolidation and looking to establish support. The bulls need to close and hold above 10,800 to extend this rally. However, a minor retracement is expected after the clean breakout. The bears need to close and hold below the area of interest to regain control.
SHIB/USDT
This week, SHIB bounce off the November low as mentioned in last week’s analysis. Since the bounce, the token has been on a steady climb towards the major resistance.
SHIB has support established at the 900 zone. At the time of writing, the token is looking to extend its move to the upside.
The bulls need to close and hold above 970 to extend this move. However, a rejection from this level will put the token in a consolidation pattern.
Also Read: A Complete Guide to Death Cross and Golden Cross?
BABYDOGE/USDT
Last week, BABYDOGE was in search of support. Since then, the token has successfully bounced off the November low.
BABYDOGE has been creating higher highs and higher lows. It has also reclaimed the September low as support. The bulls need to close and hold above the area of interest to create a higher high. Rejection from this level will push BABYDOGE to the September low.
CATE/USDT
This week, CATE has found support at a new November low. Since then, the token has been in an uptrend.
The bulls need to close and hold above the area of interest to continue this rally. The bears have some work to do if they want to push prices to the October low.
Also Read: Breakout vs Fakeout (False Breakout) — Spot the Difference and Increase Accuracy
FLOKI/USDT
Last week, FLOKI was looking for a retest of the area of interest as support. Since then, the token has seen a bounce followed by a breakout.
FLOKI is now looking to continue this rally towards the June high. The trend is currently in favor of the bulls with no signs of a reversal.
SAITAMA/USDT
Previously, SAITAMA was looking for support. The token made a trip towards the November low before retracing back to the area of interest.
The bulls need to close above the area of interest to see a breakout. Rejection from this level will assist the price to the November low.
Summary
Here is a summary of the above:
- DOGE is looking to extend to the upside.
- SHIB is looking for a breakout.
- BABYDOGE is also looking to breakout.
- CATE is cooling down after its rally.
- FLOKI is looking to continue its breakout.
- SAITAMA is in consolidation.
Remember that this is all based on the subjective views of the writer. As always do your own research.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
