Memecoins are breaking to the upside! How long will this bull run last?
After successfully holding above the September low, memecoins
are experiencing a nice relief rally.
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.
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Last week, DOGE
continued to sit at a major support level. It recently confirmed support and made a push towards the major resistance at $0.13.
Successful confirmation of support at this level will assist the price towards $0.15. The bears need to push the price back below $0.11 to regain short-term control.
This week, SHIB
confirmed support and made a push towards the area of interest. The bulls stepped in, pushing the price from 1,000 to as high as 1,150.
At the time of writing, the token is testing major resistance. A successful close and hold above this level will extend this bull rally. However, a rejection from this level will assist the price towards the August low.
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Last week, BABYDOGE
was in the middle of a consolidation
pattern. Since then, it has seen some relief to the upside. At the time of writing, BABYDOGE is looking to flip the area of interest as support.
The bulls need to successfully close and hold above this level to extend the rally. Losing this level will assist the bears in regaining control of the token. A close below the area of interest will form a lower low.
This week, CATE
found some relief after forming October’s monthly low! It’s been printing higher highs and higher lows.
The bulls need to close and hold above the area of interest to extend this rally. On the other hand, if bears can close and hold below 6,300, expect to see the price print a lower low.
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showing signs of life! Last week, the token was sitting at the October low. Since then, the token found relief and printed a higher high. However, since printing a higher high, FLOKI has lost some bullish momentum.
The bulls need to close and hold the 980 support zone. Losing this level will result in a lower low.
is in control of the bulls. Last week, the token was in a range-bound environment. Later, it had a relief rally to the upside.
The bulls need to close and hold above 1,240 to extend this rally.
Here is a summary of the above:
- DOGE is looking to extend its rally.
- SHIB is trying to print a higher low.
- BABYDOGE is attempting to flip resistance for support.
- CATE is establishing a new support zone.
- FLOKI is now looking for support.
- SAITAMA is losing bullish momentum.
Remember that this is all based on the subjective views of the writer. As always do your own research
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