Memecoins continue to consolidate. Is there a big move coming or we will see more consolidation? Read below to find out!
Last week, memecoins attempt a break to the upside. Since the failed breakout, the market has continued to respect its range.
In this week's technical analysis, we will look at the price action of DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA in the 4-hour time frame using the logarithmic chart.
DOGE/USDT
DOGE was rejected by 0.7490 again and is now looking for support.
Taking a step back you can see the trend remains in favor of bears. Shifting to the most recent price action, you can see DOGE was also rejected by the channel. At the time of writing, bears are in control. The bulls have to make some efforts if they want to reclaim the channel midline.
The month of July experienced a major consolidation with a small number of breakouts. However, August is showing signs of movement. If there is a 4-hour close above the area of interest, expect to see a push towards 0.082.
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SHIB/USDT
SHIB continues to show signs of vertical accumulation. It is now trying to confirm support at 1,200. The bulls need a close above the area of interest to maintain their structure.
Shifting toward the most recent price action, you can see there is no confirmation of support at this level. Bulls remain in control in the lower timeframe. If there is a 4-hour close above 1,220, expect to see a confirmation of support.
BABYDOGE/USDT
BABYDOGE entered a small accumulation pattern before breaking out. The price action is now testing the higher time frame range resistance.
Taking a step back, you can see BABYDOGE is making a move towards the June high. At the time of writing, there is no confirmation if the price will hit that level. Bulls need to close above this major resistance zone to confirm further movement to the upside.
A 4-hour close above 1,800 will assist bulls in a further move to the upside. However, if there is a 4-hour close below 1,700, expect to see more movement to the downside.
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CATE/USDT
Zooming out, you can see CATE is now trying to confirm support. Since printing its April high, it has been in a minor decline. The bulls need to confirm a higher low to keep their uptrend intact.
A 4-hour close above 11,500 will assist the movement to the upside. However, if there is a close below 10,700, the token will head to 9,500.
FLOKI/USDT
Last week, FLOKI was in the middle of a consolidation pattern. It recently broke out of the range. A close above the area of interest keeps the structure in favor of the bulls.
If there is a 4-hour close above 1,350, expect confirmation of support. However, a close below that level will take the price to 1,110.
SAITAMA/USDT
SAITAMA recently broke out and returned to its range. At the time of writing, it is trying to confirm support.
Shifting towards the most recent price action, you can see that SAITAMA is in another aggressive downtrend. The last time it happened, it broke out to the upside. A successful close above the range will put structure in favor of the bulls. If there is a 4-hour close above 3,300, expect the bulls to push the token to 3,600.
Summary
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
● DOGE bulls are losing their ground.
● SHIB is showing signs of support.
● BABYDOGE has broken its bearish structure.
● CATE is trying to confirm support after its breakout.
● FLOKI is also trying to confirm support.
● SAITAMA continues to respect its range.
Something to look out for this week is the market printing a higher low. If it does happen, the market will have the potential to move to the upside.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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