Memecoins are losing the August low as support. Will we see a bounce soon?
This week, memecoins have printed a lower high and are in search of support.
In this week’s technical analysis, we take a deep look into DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA in the 4-hour time frame using the logarithmic chart.
DOGE/USDT
Last week, DOGE was rejected by minor resistance and printed a lower high. Since then, the coin has printed a new September low. Losing this new monthly low would put some fear in the bulls.
At the time of writing, the trend continues to the downside. The DOGE bulls need to confirm support and look for the higher low.
Successfully printing a higher low could lead to some relief towards the August low. The September low is the last major level of support until $0.0500. Now is the time for the DOGE bulls to show up.
If the price closes below the September low and holds, expect to see a push towards $0.05350.
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SHIB/USDT
This week, SHIB has broken through the August low. At the time of writing, the trend remains in control of the bears.
Looking at the most recent price action, the August low was a major support level. The bulls failed to flip the 1,145 resistance zone into support. Since then, SHIB has been creating lower lows and lower highs.
If there is a close below the minor support, the price will be pushed towards the September low.
BABYDOGE/USDT
Last week, BABYDOGE was testing the area of interest as support. It failed to claim the area of interest and printed a lower high. The token has fully retracted to the June low. The last time the price was at this level, there was a nice rally to the upside.
The bulls need to close and hold above the minor support level successfully. Rejection from this level will lead to a further sell-off.
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CATE/USDT
This week, CATE continues to respect its downtrend with no major signs of a reversal. At the time of writing, it is approaching the September low.
Since the beginning of September, the token has been printing lower highs and lower lows. The bulls need to close and hold above 6,800 to see some relief to the upside.
FLOKI/USDT
FLOKI struggles to find support from the bulls. Since failing to claim the area of interest as support, it has been printing lower highs and lower lows.
At the time of writing, FLOKI is trying to confirm support. If the bulls can close and hold above 750, expect to see some relief.
However, a 4-hour close below 750 will assist the price towards 650.
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SAITAMA/USDT
SAITAMA has failed to hold above the August low. Since then, it has been creating lower highs and lower lows.
Taking a closer look at the most recent price action, SAITAMA is testing the September low for support. Losing this level will lead to a breakdown.
If there is a 4-hour close above the area of interest, expect to see some relief to the upside.
Summary
Here is a summary of the above:
- DOGE printed a new monthly low.
- SHIB support is starting to look weak.
- BABYDOGE bears are taking over.
- CATE continues to lose participants.
- FLOKI is testing the September low.
- SAITAMA bears are fully in control.
Something to look out for this week is if memecoins can hold the September monthly low. A bounce off this level can lead to some nice relief to the upside.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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