With 2023 just beginning, many memecoins are making higher highs. Is your favorite token one of them?
Memecoins are moving up! So, 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
Last week, DOGE was trying to confirm support at the November low. It succeeded in doing so and had a nice rally to the upside. The coin continues to print higher highs and higher lows.
At the time of writing, DOGE is trying to break the resistance. If the bulls can close the candle and hold the price above $0.088, expect to see a push towards the area of interest (mentioned in the chart). However, a rejection from the $0.088 level will trigger a sell-off.
Also Read: How to Plan Ahead and Optimize Your Trading in 2023?
SHIB/USDT
This week, SHIB has also extended to the upside. After reclaiming the November low as support last week, the token has continued printing higher highs and higher lows.
At the time of writing, there are no major signs of a reversal. If the bulls can close the candle and hold the price above 1,040, the price may make its way to the 1,120 zone. However, if it gets rejected from this level, expect to see lower highs and lower lows.
BABYDOGE/USDT
BABYDOGE recently found resistance above the area of interest (mentioned in the chart) and printed lower highs.
At the time of writing, there is no confirmation of a reversal. If the bears can close and hold the price below the recent low, expect to see lower lows. However, if the bulls can close and hold the price above the area of interest, expect to see a trip towards the local top.
Also Read: How to Find Support and Resistance Zones?
CATE/USDT
Last week, CATE was trying to reclaim the October low as support. It succeeded and made its way up to the area of interest.
If the bulls can close and hold the price above the area of interest, expect to see a push towards the September low. However, a rejection from this level will assist the price towards the October low.
Also Read: What Is Copy Trading?
FLOKI/USDT
This week, FLOKI is trying to extend its rally towards the June high. After successfully reclaiming the November low as support, the conditions have been working in favor of the bulls.
At the time of writing, there are signs of slowing down. A close and hold above 1,040 will assist the price towards the June high. However, a rejection from this level will put the token in a consolidation pattern.
SAITAMA/USDT
Last week, SAITAMA was trying to test the area of interest as support. It found support and extended its rally to the upside.
If the bulls can successfully bounce off the 0.001400 level, expect to see the price extend to the upside.
Also Read: How to Read and Analyze Candlestick Chart Pattern in Day Trading?
Summary
Here is a summary of the above:
- DOGE is looking for a higher low.
- SHIB is looking to extend the rally.
- BABYDOGE is looking for support.
- CATE is setting up for another breakout.
- FLOKI is looking to extend to the upside.
- SAITAMA is looking for a higher low.
Writer’s Disclaimer: This article is based on my limited knowledge and experience. It has been written for educational purposes. It should not be construed as advice in any shape or form. As always do your own research.
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