Memecoins continue to consolidate. What's next?
Memecoins have successfully reclaimed 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 to analyze their performance.
DOGE/USDT
This week, DOGE reclaimed the November low as support. The coin is trying to make a push towards the minor resistance.
The bears are in control. A close above $0.073 may put the bulls in power. If the bears can close and hold below the November low, expect the sell-off to continue.
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SHIB/USDT
SHIB has succeeded in reclaiming the November low as support.
At the time of writing, SHIB is looking to make a push towards the area of interest. The bulls need to close above the 860 level.
BABYDOGE/USDT
This week, BABYDOGE continues to the upside after coming support at the November low. The bulls are aiming to continue this rally.
At the time of writing, BABYDOGE is aiming for the September low. A close above the local top will push the price to the upside. However, a close and hold below the November low will form lower lows and lower highs.
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CATE/USDT
Last week, CATE was stuck in a consolidation pattern. Since then, the token has made a break to the upside.
At the time of writing, CATE is testing the October low for resistance. A close and hold above this level will assist the price towards the area of interest. However, a rejection from this level will push it back into the consolidation zone.
FLOKI/USDT
This week, FLOKI is trying to confirm support above the November low.
To aim for the August low, the bulls must close and hold above the area of interest. However, a rejection from this level will push the price back to the November low.
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SAITAMA/USDT
Last week, SAITAMA lost its minor uptrend. Currently, it is trying to confirm support. If the bears manage to close and hold below 1,000, the token will fall to the area of interest.
Summary
Here is a summary of the above:
- DOGE is in an accumulation zone.
- SHIB is trying to make a move to the upside.
- BABYDOGE continues to respect its minor uptrend.
- CATE is attempting to break out.
- FLOKI is confirming an uptrend.
- SAITAMA is looking to confirm support.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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