The market has found short-term support. Is this the bottom for memecoins? Read more to find out!
The market has found short-term support. Is this the bear market bottom?
Last week we saw the market continue to float above the May low. Since then, the market has found a local bottom and is looking for a move to the upside.
In this technical analysis, we will be taking a close look at your favorite memecoins: DOGE, SHIB, BABYDOGE, CATE, FLOKI, and SAITAMA in the 4-hour time frame.
DOGE/USDT
The logarithmic chart keeps price action nice and tight.
Looking at the 4-hour time frame, we can see that DOGE printed a new monthly low. However, since then, DOGE has seen some relief as it is approaching our area of interest. Will the new low hold, or will we continue to see lower lows?
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Shifting towards our most recent price action, we can see the market attempting to retest the May low. Since then, DOGE is on a steady climb, looking to test our area of interest. The market has printed a double bottom, and we can expect a push to the upside.
If there is a 4-hour close above our area of interest, we can expect DOGE to push as high as $0.11. However, if there is a rejection from this level, expect the sell-off to continue.
SHIB/USDT
Again, we are keeping it simple with the logarithmic chart.
Zooming out on the 4-hour time frame gives us a better perspective of the swings between different trading sessions. We can see that not much has changed as SHIB continues to build support. Is SHIB getting ready for a big move?
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Shifting towards the May low, we can see the price action has printed a double bottom. SHIB has formed a higher high and is now looking for its higher low. A higher low at this level sets up SHIB for a move to the upside.
A 4-hour close above the area of interest and expect a big move to the upside. However, if we see a rejection from this level, expect the lower lows to continue.
BABYDOGE/USDT
Sticking with the 4-hour time frame, we can see BABYDOGE is on the move. It closed above our previous area of interest and is now looking to test the May high.
Shifting towards our most recent price action, we can see BABYDOGE has printed a higher high and a higher low. Since then, the price has remained in favor of the bulls.
A 4-hour close above the May high and expect the bulls to continue their run. However, if there is a rejection from this level, expect to see a retest of 1700.
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CATE/USDT
Keep it simple and stick with the logarithmic.
Looking at our most recent price action, we can see CATE is looking to establish support. It has closed above our previous area of interest and is looking to establish a higher low.
Zooming out, we can see the trend remains in favor of the bears. A higher low at this level sets the bulls up for a nice move to the upside.
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A 4-hour close above the recent high and expect the bulls to continue this move to the upside. However, if there is a 4-hour rejection from the local top, expect the lower lows to continue.
FLOKI/USDT
FLOKI is looking in a better condition.
Since we last mentioned that FLOKI has been sitting above the May low, the price action has printed a higher high and higher low.
Shifting towards last week's price action, we can see the market is looking to retest our area of interest shown above. A flip of this level gives the bulls an edge.
A 4-hour close above the higher high, expect the market to continue in favor of the bulls. If there is a rejection from this level and FLOKI will need Elon's help.
SAITAMA/USDT
Looks like SAITAMA bulls have been at work.
SAITAMA has shown an incredible recovery since the sell-off in early May. Support has been found and the market is now looking to test the May high.
Taking a closer look at our most recent price action, we can see our area of interest is being tested for support. SAITAMA has recovered much quicker than other memecoins. Is SAITAMA prepping for another big move?
If there is a 4-hour close above 5400, expect the bulls to continue their run. However, if there is a close below the area of interest shown above, expect a sell-off to continue.
Summary of All the Charts to Keep It Simple
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
● DOGE - short-term support has been found.
● SHIB - continuing to build support.
● BABYDOGE - being the first to move to the upside.
● CATE - looking weak compared to the other meme coins.
● FLOKI - starting to look in a better condition.
● SAITAMA - setting up for another big move.
Keep an eye on this level of support because a loss of this level will lead to lower lows. Hopefully, the bulls may pick up the momentum this week.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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