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.
Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?
DOGE/USDT
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.
SHIB/USDT
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.
Also Read: How to Protect Your Crypto From Hacks in 2022 and 2023
BABYDOGE/USDT
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.
CATE/USDT
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.
Also Read: Breakout vs Fakeout (False Breakout) — Spot the Difference and Increase Accuracy
FLOKI/USDT
FLOKI 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.
SAITAMA/USDT
SAITAMA 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.
Summary
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.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
