Memecoins recently crashed to a new monthly low. When will this downtrend end? 😩
After printing a new monthly low, memecoins
are now trying to form support.
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.
Last week, DOGE was trying to establish a higher low inside the $0.11 zone. However, it failed and formed a new monthly low.
The $0.07 demand zone has been tapped, and bulls are looking to confirm support at this level. They need to push the price above the area of interest and hold. The bears have printed a lower high at $0.09 and are looking to continue to the downside. Losing the new monthly low will assist price towards the August low.
This week, SHIB
has broken out of its range pattern. The token is printing lower highs and lower lows.
At the time of writing, it is trying to confirm support around 900. The bulls need to close and hold above 910 to confirm support.
The bears are looking to extend this move to the November low. A close and hold below 870 will make this move successful.
tried to extend its rally towards the 1,600 zone. However, after multiple attempts to break the resistance, the token failed and has been creating lower lows since then.
At the time of writing, the token is looking to establish support. The bulls need to close and hold above 1,070 to confirm support. Losing it will push the price towards the November low.
This week, CATE
is aiming for a double bottom. Last week, the token failed to hold the September low as support.
The bulls need to close and hold above the October low to confirm support. Rejection from this level will take the price towards the November low. This is going to be another battleground between the bulls and bears.
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Last week, FLOKI
was looking to establish a range. Since then, the token has been in a free fall, printing lower highs and lower lows.
FLOKI has printed a new monthly low and is looking to continue to the downside.
The bulls need to close and hold above the 750 zone to see some relief. Rejection from the 750 level will assist the price towards the October low.
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SAITAMA is not showing any major changes. The token continues to respect the bear trend by printing lower highs
and lower lows.
The bulls need to close and hold above the area of interest to see some relief.
Here is a summary of the above:
- DOGE is trying to establish a new range.
- SHIB is looking for support.
- BABYDOGE is also looking to establish support.
- CATE has printed a new monthly low.
- FLOKI has fully retracted to its previous breakout zone.
- SAITAMA is looking for a double bottom.
Remember that this is all based on the subjective views of the writer. As always do your own research
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