As the market continues to establish support, which coin will more likely have a better time next week from our memecoin category? Let's find out!
Memecoins continue to establish support. Are we watching the bulls make their way back? Let's take a closer look!
Last week was the beginning of a new monthly candle. Since then we have seen a minor correction into 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
If you have been following my pieces, you know I like to use the logarithmic chart. The price action is condensed for a better view.
Using the 4-hour time frame, we can see that DOGE has printed a new monthly low and high. However, since printing a new monthly high, the price has been sitting at support. Is our major support level going to hold steady or are we setting up for lower lows?
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Taking a closer look at our most recent price action, we can see a higher low is in progress. The bulls have some work to do if they want to see another DOGE coin rally. If there is a confirmation of support at this level, expect a pivotal move.
A 4-hour close above $0.083 will assist the price to go to a new June high. However, if there is a rejection from $0.083, expect a trip towards our May low.
SHIB/USDT
Sticking with the logarithmic chart, keeping things simple.
Looking left we can see SHIB has been in a downtrend since early March. The trend remains in favor of the bears, but things can change quickly. Are SHIB bulls anywhere to be found?
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Shifting towards our most recent price action, we can see SHIB continues to print higher lows. SHIB printed a higher high early last week and is now looking to confirm support. With the confirmation of a higher low at this level, we can expect SHIB to make a big move.
A 4-hour close above 1135 will assist the price to retest the June high. However, if there is a rejection from this level, expect a steep sell-off.
BABYDOGE/USDT
Nothing new here as we are sticking with the 4-hour time frame and logarithmic chart combo. BABYDOGE has been stable since its recent big move. The bulls remain in control and are looking to confirm support.
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Shifting towards our most recent price action, we can see BABYDOGE has successfully printed a higher high and higher low. Last week's higher high is now looking to confirm another higher low. If there is a confirmation of support at this level, expect BABYDGE to break to the upside.
A 4-hour close above our of interest will trigger a retest of our higher high. However, if there is another rejection from this level, expect to see a deeper pullback.
CATE/USDT
Scanning from left to right, we can see CATE remains in a downtrend. At the time of this writing, there are no clear signs of a reversal.
Taking a closer look at our most recent price action, we can see a lower high has been printed. A loss of this level will take us the price to retest the May low.
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If there is a 4-hour close above our psychological resistance of 5000, expect a move to the upside. If support at 4700 does not hold, expect to see the sell-off continue.
FLOKI/USDT
When compared to last week's analysis, FLOKI is continuing to hold steady.
FLOKI continues to look for a higher low. The major trend remains in favor of the bears, but we know things can change quickly with memecoins.
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Since FLOKI's recent higher high, we have seen a minor downtrend. A loss of this support level can trigger a trip to the May low.
If there is a 4-hour close above the area of interest shown in the chart, expect the bulls to step in. However, another rejection from this level, bull may need to call Elon.
SAITAMA/USDT
Last but not least, SAITAMA!!!
SAITAMA was last week's star, outperforming most memecoins. Since then, there has been a minor retracement back to our area of interest.
Shifting towards our most recent price action, we can see SAITAMA continues to hold its higher high and high low structure. Do the SAITAMA bulls have enough in them for another push? One thing we would like to see is if this support level will hold.
If there is a 4-hour close above 4500, expect the bulls to have some fun. However, a close below our area of interest may bring a sell-off that will take the coin down to 2900.
Summary
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
● DOGE is looking to confirm support.
● SHIB bears regaining short-term control.
● BABYDOGE is aiming for the higher low.
● CATE bears are in full control.
● FLOKI bulls are stepping in.
● SAITAMA is looking to flip resistance for support.
Something to look for is to see if bulls can hold this critical level of support. A loss of this level and we can expect to see the bear market continue.
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Remember that this is all based on the subjective views of the writer. As always do your own research.
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