Memecoins continue to sit at key support levels. Will we see further consolidation?
After bouncing off the August low, memecoins have approached a major resistance level.
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.
DOGE/USDT
Last week, DOGE was trying to confirm a higher low. It failed and printed a lower low. However, later, there was some relief to the upside.
Bulls were able to push the token toward the area of interest. Since then, it has been forming lower highs and lower lows. The bulls need to hold the August low to establish support. Losing this low would result in the price moving to the $0.05700 support zone. This will be another battleground for the bulls and the bears.
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SHIB/USDT
Since establishing support at 1,088, SHIB had a nice push towards the August low. However, it failed to close above this level. Since then, the token has been creating lower lows.
SHIB failed twice to hold above the August low, formed a double top, and retraced back to the 1,088 support zone. At the time of writing, the token is trying to confirm support again. Losing this level will assist the price towards minor support.
BABYDOGE/USDT
Last week, BABYDOGE was sitting at a major resistance level. Since then, the market has seen a retracement towards the area of interest.
BABYDOGE has found support and continues to respect its bullish trend. At the time of writing, the token is looking to close and hold above the area of interest. If it gets rejected from the level, expect the token to hit the minor support level
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CATE/USDT
CATE continues to sit in the area of interest (a critical level). At the time of writing, the token is testing the area of interest as support. Losing it will result in the price falling to the September low.
A 4-hour close above the area of interest will assist the price towards resistance at 7,800. However, if there is a rejection, expect to see a retest of the last month’s low.
FLOKI/USDT
FLOKI tested dynamic resistance as support and continued to consolidate near 750.
The bulls need to continue to hold this level as losing it will lead to a new monthly low.
SAITAMA/USDT
SAITAMA tested its downtrend as resistance and got rejected. Since then, it has been printing lower lows.
The token is now testing the September low for support. The bulls need to hold this level or lower lows could be on the table.
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Summary
Here is a summary of the above:
- DOGE is sitting at major resistance.
- SHIB is trying to confirm support.
- BABYDOGE is trying to make the next move.
- CATE continues to consolidate.
- FLOKI is also looking to confirm support.
- SAITAMA is starting to break down.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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