Memecoins continue to range between the August low and major support. How long will this continue?
After failing to reclaim the August low, memecoins
’ struggle to find the support continues.
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 sitting at a major support level. The token made a push toward the August low. However, it failed to reclaim this level and got rejected.
continue to show strong support at the 5,840 zone. The bears are also showing strong resistance
at the August low. A close and hold above either of these levels will start a new trend.
The market will need to bring in some serious volume to cause a break in either direction.
This week, SHIB
continues to respect its downtrend with no major signs of a reversal. The bears are now looking to make a push towards the major support zone at 950.
SHIB is approaching a critical level. Losing the 950 support zone would be devastating for the bulls and will assist the price towards 900. They need to show their presence this week.
Also Read: What Are Soulbound Tokens (SBT)?
Last week, BABYDOGE
made a break to the upside and was looking for support. Since then, the market has cooled off and is looking to confirm support.
The BABYDOGE bulls need to successfully hold minor support. Losing this level will assist the price towards 1,100. At the time of writing, there are no signs of the bears taking over. The last time the token was at this level, there was some relief to the upside. Look out for the same reaction this week!
This week, CATE
also continues to respect its downtrend. At the time of writing, it is at a support level. A new low has been created in the month of October.
The bulls need to close and hold above 5,250 to help assist the price towards 5,700. Rejection from this level will push it to the October low.
Also Read: Breakout vs Fakeout (False Breakout)
has lost its range support once again. Last week, the token made an attempt to turn the resistance into support. However, the market failed to reclaim the level. Since then, it has been creating lower highs and lower lows.
The bulls need to hold the October low. Losing this level would be a big hit for the bulls.
continues to print lower highs and lower lows. Last week, the 1,130 zone was behaving as support. This week, the 1,130 zone is acting as resistance.
The bulls need to close and hold above the September low. Successfully reclaiming this level will set up the bulls for an extension to the upside.
Also Read: Bull Market vs Bear Market: What’s the Difference?
Here is a summary of the above:
- DOGE is looking to confirm support.
- SHIB is also looking to establish support.
- BABYDOGE is in consolidation, looking for relief to the upside.
- CATE continues to respect its downtrend.
- FLOKI is looking to print a double bottom.
- SAITAMA is looking to flip a major resistance zone.
Remember that this is all based on the subjective views of the writer. As always do your own research
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