Memecoins slowly continue to break down. Is the local bottom close?
After being rejected by resistance, memecoins are now looking to test the November low.
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.
DOGE/USDT
Last week, DOGE was trying to close and hold above the area of interest but failed. Currently, it is looking for support.
The November low continues to be a key level. The bears need to close and hold below this level to continue towards the August low. The bulls are looking to confirm support at the November low with a bounce off this level. A successful bounce off the November low puts DOGE in a range-bound environment.
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SHIB/USDT
This week, SHIB continues to respect its downtrend. The token continues to print lower highs and lower lows as it heads towards the November low.
At the time of writing, SHIB is in a consolidation pattern and a breakout is expected. The bulls need to close and hold above the area of interest to confirm support.
The bears are looking to revisit the November low. A close and hold below 870 will assist the price towards this level.
BABYDOGE/USDT
Previously, BABYDOGE was looking to confirm support at the September low. However, after multiple attempts to confirm this level, the token is looking to create a lower low.
Since last week, BABYDOGE has been creating lower highs and lower lows. The bulls need to close and hold above the area of interest to see some relief. If they lose this level, expect BABYDOGE to revisit its November low.
CATE/USDT
This week, CATE flipped support into resistance and created lower highs and lower lows. At the time of writing, the token is consolidating above the monthly low.
The bulls need to close and hold above the resistance shown to see some relief. The bears are in full control and looking to extend the downtrend.
Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?
FLOKI/USDT
Last week, FLOKI was making efforts to confirm support. It successfully bounced off the November low and created a higher high.
The token is now looking to print a higher low. A retest of the area of interest is expected. The bulls need to successfully close and hold above this level. Losing the breakout momentum would be devastating for the bulls.
SAITAMA/USDT
SAITAMA continues to respect its downtrend. The bulls made multiple attempts to hold above the area of interest. The token is now looking to revisit the November low.
Summary
Here is a summary of the above:
- DOGE is slowly breaking down.
- SHIB continues to respect its consolidation pattern.
- BABYDOGE is searching for support.
- CATE is looking to print a new monthly low.
- FLOKI is looking for a higher low.
- SAITAMA continues to respect its downtrend.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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