With the market finding some stability, let's analyze the price movement of memecoins! Read more to find out!
In last week's analysis, memecoins continued to rally towards major resistance. Since then, we have seen a minor retracement.
In this week's technical analysis, CoinMarketCap Academy will be taking look at your some memecoin, namely DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA, in the 4-hour time frame using the logarithmic chart.
DOGE/USDT
In last week's analysis, DOGE continued its move to the upside.
Zooming out, the trend remains in favor of the bears. DOGE has rallied 60% since printing its June low. The coin needs to print a higher low to confirm the uptrend.
Looking at our most recent price action, we can see DOGE is in the process of establishing support. There are no confirmations at the time of writing and it may continue to sell. With the confirmation of a higher low, expect DOGE to make another run.
If there is a 4-hour close above our new area of interest, expect to see DOGE continue towards $0.08. However, if the coin fails to close below $0.075, it will continue the sell-off.
SHIB/USDT
SHIB seems to be having a healthy price movement this week. In last week's analysis, we saw it break through its major resistance. This week, the token is looking to cool off and find support. The bulls need to confirm a higher low to continue this movement. Is another breakout in progress?
Shifting towards our most recent price action, we can see the June high continues to hold as the local top. SHIB is looking to flip resistance into support this week. This could be a pivotal level for SHIB if the bulls hold.
If there is a 4-hour close above the area of interest, expect to see SHIB continue to the upside. Rejection from this level will assist price in a move to the downside.
You may also check out our guide on how to use swing failure patterns in crypto!
BABYDOGE/USDT
In last week's analysis, BABYDOGE had the healthiest looking chart. This week, the situation remains the same. Zooming out, we can see higher highs and higher lows forming. The bulls continue to hold their structure.
Taking a closer look at our most recent price action, we can see that BABYDOGE is looking for a new high. If bulls can pick up the momentum, the token may reach a new June high. BABYDOGE bulls are in full control.
If there is a 4-hour close above the area of interest shown, expect the run to the upside to continue. Rejection from this level will assist a sell-off towards 1,400.
CATE/USDT
CATE bears are in full control with no major signs of a reversal. When will it end?
Shifting towards our most recent price action, there have been multiple attempts of breakouts, but all have failed. CATE bulls are showing signs of weakness.
If there is a 4-hour close above the area of interest, we can expect a push towards 4200. However, if CATE fails to reach that level, expect the sell-off to continue.
Check out our list of the best technical indicators for crypto and stocks!
FLOKI/USDT
FLOKI is holding better than most stablecoins. Again, not much has changed for FLOKi since last week's analysis. Are FLOKI bulls still present?
In this week's analysis, FLOKi printed a new higher high and dropped to test the support level. At the time of writing, FLOKi is looking to test our area of interest as support. If bulls can confirm a higher low, we may see a short-term run to the upside.
If there is a confirmation of a 4-hour higher low, we can expect to see FLOKI continue to the upside. A close below the area of interest, expect the sell-off to continue.
SAITAMA/USDT
Last but not least, SAITAMA V2!
In last week's analysis, SAITAMA was setting up for a breakout. As expected, there was a breakout, but now the token is in the middle of retracement. It is aiming to flip resistance into support.
According to the most recent price action, a minor correction is in progress. Successful confirmation of support can lead to a pivotal move.
If the area of interest holds as support, expect a push to the upside. However, a close below this level will keep things unchanged.
Want to learn more? Check out what is the golden ratio and why is it important in crypto trading!
Summary
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
● DOGE is looking to form a higher-low support level.
● SHIB is looking strong.
● BABYDOGE is breaking out.
● CATE remains in control of the bears.
● FLOKI is aiming to confirm support.
● SAITAMA is in the middle of a minor correction.
Something to look out for this week is if the market can successfully flip resistance into support.
Remember that this is all based on the subjective views of the writer. As always do your own research.
Not sure whether to invest your hard-earned money in crypto or stocks? Check out our comprehensive guide on Bitcoin vs S&P 500!
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