The market faced a free-fall mode after losing a major support level recently. With panic-selling still going on, is there light at the end of the tunnel? Read more to find out!
In last week's analysis, we saw memecoins testing major support for the third time. Since then, we have seen a steep sell-off towards psychological support.
In this technical analysis, we will be taking a deep look into your favorite memecoins: DOGE, SHIB, BABYDOGE, CATE, FLOKI, and SAITAMA in the 4-hour time frame.
DOGE/USDT
Sticking with the logarithmic chart helps keep things nice and tight over a long period.
Looking at the 4-hour timeframe, we can see DOGE has not only lost major support but has also broken its channel structure. Since losing this level, we have seen the token find support at the $0.05 zone. The question is whether we will see a lower low form here or find a new local top?
Taking a closer look at our most recent price action, we can see DOGE has some work to do to spark the interest of the bulls. After confirming support, DOGE needs to print a higher high. If there is a confirmation of support at this level, we could revisit the channel as resistance.
If there is a 4-hour close above the area of interest, expect to see a higher high. However, if there is a rejection from this level, expect a trip to the June low.
SHIB/USDT
You already know the deal - that is using the logarithmic chart for a better view.
SHIB remains in control of bears. The major support level mentioned in last week's analysis has been broken. The bulls have some work to do if they want the SHIB train to continue. Are there any SHIB bulls left?
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Shifting towards our most recent price action, we can see a new June low. SHIB is now ranging between our area of interest and June low. No confirmations of support just yet, expecting to see some further consolidation before the next big move.
If there is a 4-hour close above our area of interest shown, expect to see a push toward 970. However, if there is a rejection from our area of interest, expect the lower low to continue.
BABYDOGE/USDT
Continuing to stick with the logarithmic chart.
BABYDOGE is in the middle of a correction, however, holding up better than most memecoins. The bulls are now looking to confirm a higher low.
Looking at our most recent price action, BABYDOGE pierced the 1,300 resistance zone. However, since then, we have seen some consolidation. Last week's lower high is now our area of interest. The bulls need to confirm support at this level, otherwise expect to see a lower low.
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A 4-hour close above our new area of interest will assist the price to make a push towards the 1,400 resistance zone. However, if there is a rejection from this level, expect to see a sell-off towards the 750 support zone.
CATE/USDT
On the left side of the chart, the structure leaves clues. CATE remains in full control of bears with no signs of a reversal.
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Shifting towards our most recent price action, we can see last week's major support has been broken. There have been no major signs of the bulls stepping in.
If there is a 4-hour close above the new area of interest, expect to see a push towards 4050. However, if there is a rejection from this level, expect to see a new June low.
FLOKI/USDT
FLOKI has lost its major support level, as mentioned in last week's analysis.
Since last week, we have seen rejection from resistance and a new local bottom at 480. The bears remain in full control until we reclaim major support.
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Since losing the level, we have seen lower highs and lower lows. The bulls need to step in here or expect a steeper sell-off.
If there is a 4-hour close above the minor resistance shown, expect to see the price at 650. However, a rejection from this level will trigger a new June low.
SAITAMA/USDT
Introducing SAITAMA V2!
SAITAMA recently launched the second version of its token, which also means a new chart. At the time of writing, 4-hour support has been found.
Taking a closer look at our most recent price action, we can see that SAITAMA is looking to break its downtrend. The question is whether there are enough bulls to get this momentum going. Bulls need to reclaim resistance as support first.
If there is a 4-hour close above our new area of interest, expect to see a higher high. However, if there is a rejection from this level, expect to see some further consolidation.
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 has lost major support.
● SHIB bears are back in full control.
● BABYDOGE continues to look for a higher low support level.
● CATE is showing no signs of bulls anywhere.
● FLOKI remains in control of the bears.
● SAITAMA wants to flip resistance for support.
Something to look out for this week is if the new local bottoms will hold as support. Losing these levels would send memecoins further into the abyss.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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