Memecoins kicked off the new year with a bang! Will this run continue?
are trending again! 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.
Last week, DOGE
was looking to make a new high. On its quest, it found resistance
at the area of interest and flipped it into support
At the time of writing, DOGE is setting up for another breakout. If the bulls
can close and hold the price above the area of interest (mentioned in the chart), expect to see a push towards the $0.10 zone. However, another rejection from this level will trigger a move towards the minor resistance shown in the chart above.
Also Read: How to Use Stop Loss and Take Profit?
This week, SHIB
at the area of interest shown above. At the time of writing, the token is looking for support
need to close and hold the price above the 1,200 level to regain control. If the bears
can make the price stay below 1,200, expect to see a minor sell-off towards the September low.
has recently found resistance
at the area of interest shown in the image above. At the time of writing, there are no major signs of a reversal.
need to close and hold the price above resistance to extend this run. However, if the bears
can close and hold below the higher low
, expect to see the price sell towards the support zone.
Also Read: How to Read and Analyze Candlestick Chart Pattern in Day Trading?
This week, CATE
is trying extend its move to the upside. At the time of writing, support
is being established. The bulls are looking to set a new monthly high.
If the bulls
can close and hold the price above the 5,000 leve,l expect to see a push towards the area of interest shown in the chart above. However, if bears
can close and hold below the 4,500, the price may aim for the October low.
Also Read: Risk Management: What is It and Why Should I Use It in Trading?
This week, FLOKI
has continued to print higher highs
and higher lows
At the time of writing, the token is looking to break out of its higher time frame channel
. If the bulls can close and hold the price above the area of interest (shown above), the 1,345 level will become the next target. However, a rejection from this level will put the pair in a consolidation
Last week, SAITAMA
showed signs that bulls
were present. Since then, the token has continued to make its way to the upside.
At the time of writing, SAITAMA is looking for support
. The bulls need to close and hold the price above the 2,600 level to extend this run.
Also Read: How to use Market Structure in Trading?
Here is a summary of the above:
- DOGE is trying to break out.
- SHIB is looking for support.
- BABYDOGE is also looking for support.
- CATE is printing a higher low.
- FLOKI is looking to set a new monthly high.
- SAITAMA is looking for 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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