Memecoins continue to print lower highs. Is the market going to revisit the yearly open?
Last week, memecoins were looking to establish support. In this week’s technical analysis, we will analyze the price charts of DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA in the 4-hour time frame to monitor their current conditions.
DOGE/USDT
Last week, DOGE was attempting to establish support at the $0.07 level. Later, the coin broke below the minor support and printed a lower high.
At the time of writing, DOGE is testing the November 2022 monthly low as support. Losing this level may assist the bears with a push towards the yearly open. The bulls need to reclaim the minor resistance shown in the chart above as support to see a reversal.
Also Read: How to Use Moving Averages in Trading?
SHIB/USDT
This week, SHIB broke its 1,200 support level and created a lower low. The token has found short-term support above the 2022 September monthly low.
It is important to note that SHIB has broken its bull trend that started at the beginning of the year. Market structure has shifted in favor of the bears. The bulls need to push and hold the price above the area of interest shown above.
Also Read: How to Use Market Structure in Trading?
BABYDOGE/USDT
Last week, BABYDOGE was looking to establish support at the 2.5 level. Since then, the token has sold-off towards the trend line shown in last week’s analysis.
At the time of writing, BABYDOGE is testing the 2.5 level as resistance. A rejection at this level will assist the bears with a push towards the trend line. The bulls are waiting at the 2.2 level to establish support.
Also Read: What Are Ranges in Trading and How to Use Them?
CATE/USDT
This week, CATE continues to respect its ascending channel pattern. The token has established a higher low at the 5,000 level.
CATE is looking to push above the area of interest. A price close above this level will assist the bulls with a push towards the channel midline. However, a rejection from the area of interest would create a lower high.
Also Read: A Completed Guide to Death Cross and Golden Cross
FLOKI/USDT
Last week, FLOKI was setting up to test resistance. It got rejected and printed a lower high.At the time of writing, FLOKI is testing its ascending channel pattern. Losing this level will assist the bears with a push towards the 3,500 support level.
SAITAMA/USDT
This week, SAITAMA is looking to establish support after losing its range support. The token has been in a range pattern since the end of January. The bulls need to reclaim the range to see some relief. A rejection at the 2,100 level will assist with a push towards the 1,650 support level.
Summary
Here is a summary of the above:
- DOGE has printed a lower low.
- SHIB has broken its ascending trendline
- BABYDOGE is looking to flip resistance to support.
- CATE is setting up for a push towards the upside.
- FLOKI is testing its ascending channel support.
- SAITAMA is looking to establish support.
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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