Meme season is upon us! Here is a price analysis of some of the most popular memecoins. Let's find out which ones should be in your bag this week!
Last week we saw memecoins print new monthly highs. Since then the market has been in an accumulation period. This week's price action is showing early bullish signs.
In this technical analysis, we will be studying and dissecting the price action of DOGE, SHIB, BABYDOGE, CATE, FLOKI, and SAITAMA in the 4-hour time frame.
DOGE/USDT
We are using the old faithful logarithmic chart to keep things clean and simple.
Looking at the 4-hour time frame, we can see that since April 5th, DOGE has been creating lower lows. In the short term, bears have been in control. Are we going to continue seeing lower lows or is another breakout around the corner?
Looking at the most recent price action, we can see $0.1300 has been a major support level for DOGE. After printing this month's high, a double bottom was printed inside this zone. DOGE is testing its recent breakout resistance for support.
A 4-hour close below the breakout zone will lead to another lower low. However, if there is a 4-hour break above our area of interest, expect DOGE to retest March's high.
SHIB/USDT
Sticking to the logarithmic chart to keep things nice and tight.
The 4-hour time frame is showing us that in the short term, it has been an accumulation period. Since March 25th, the price movements have been respecting the 2750 level as resistance and 2230 as support. When will SHIB breakout?
Looking at the most recent price action, we can see a minor breakout is in progress. 2500 is being tested for support, if bulls manage to hold this level, we can expect a revisit of our area of interest. Since the April high, we have seen a higher low print inside the 2400 zone. A loss of this higher low could lead to lower lows.
If there is a 4-hour close below the higher low, expect to see a lower low. However, if there is a 4-hour break above 2550, expect our area of interest to be retested.
BABYDOGE/USDT
Yeah, buddy! The logarithmic chart is our best trading tool.
Looking at the 4-hour time frame, we can see the short-term trend is in favor of the bears. Recently BABYDOGE has found support. Will this level hold, or will we see a lower low?
Taking a closer look at the most recent price action, we can see there was a lot of selling pressure last week. This is why we can see the wick go as low as 1685. At this time, BABYDOGE is building a support wall. A loss of this level will lead to a heavy sell-off.
A 4-hour close above 2450 is a sign that we will revisit the March low. However, if there is a 4-hour close below 2300, expect to see a lower low.
CATE/USDT
Looking at the 4-hour time frame, we can see that since retesting the March and April high, we have been creating lower lows. Shifting towards the most recent price action, we can see that short-term support has been found. Is this enough for CATE to continue to the upside.
Taking a closer look at our most recent price action, we can see that the price is struggling to stay above 1360. Meanwhile, 1330 has been held as support - but for how long? A loss of this level could send CATE towards the April low.
A 4-hour close below 1370 is a sign that we will continue to see lower lows. However, if there is a close above 1390, we will see CATE making its way towards our area of interest.
FLOKI/USDT
Looking at the 4-hour time frame, we can see the short-term trend is in favor of bears. Lower lowers have led us to retest our breakout level for support. A loss of this level could send the token towards the March low.
Taking a closer look at our most recent price action, we can see that the last time when the price was at this level, the bulls stepped in and pushed FLOKI to a new higher high. Will history repeat itself or will we continue printing lower lows?
A 4-hour above 2920 is a good sign indicating that we will revisit our area of interest. However, a 4-hour close below the April low would lead to a sell-off towards the March low.
SAITAMA/USDT
Last but not least, shifting over to SAITAMA.
Looking at the 4-hour time frame, we can see that the trend has been in favor of the bears since late March. We have seen lower highs and lowers lows with no major signs of support.
Taking a closer look at our most recent price action, we can see the size of the candles is starting to get smaller. This is a sign that we are losing volume, and in this case, bearish volume.
Will we see a reversal soon?
A 4-hour close above 6800 is a good sign indicating that we are going to start a new uptrend soon. However, if there is a close below April’s low, expect another lower low.
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: The bulls are present and support is being built.
● SHIB: The token continues to respect its price range.
● BABYDOGE: It has started to build support.
● CATE: There are no clear signs of support.
● FLOKI: The token is looking for higher lows.
● SAITAMA: The selling volume is lowering down.
Something to look out for this week is a retest of last week's low before continuing to the upside. This analysis is based on a 4-hour time frame. Hopefully, the next week’s charts will give us more bullish confirmations for our favorite memes!
Remember that this is all based on the subjective views of the writer. As always do your own research.
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