Memecoins continue to respect the range support. Will we see a bounce this week?
After failing to hold the August low, memecoins revisited the September low.
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 failed to hold the August low as support. Later, the token continued to print lower lows and lower highs.
Bulls were able to bounce off the September low. However, the price action was rejected by the August low acting as resistance. They need to go and stay above this level to confirm further movement to the upside. A rejection from the area of interest or the August low will assist the price toward the September low once again.
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SHIB/USDT
Since failing to close and hold above the August low, SHIB has continued to print lower lows. However, bulls have pushed prices back towards minor resistance.
SHIB is now sitting at a critical level. Rejection from it will push the token below the September low. However, a successful close and hold above minor resistance will assist the price in a push towards the August low.
BABYDOGE/USDT
Last week, BABYDOGE was attempting a second leg to the upside. Since then, the token has failed to close and hold above the area of interest.
BABYDOGE has returned to minor support, where the bulls have a chance to push the price back to the area of interest. At the time of writing, there are no major signs of the next direction. Lookout for further consolidation, while the bulls and bears battle.
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CATE/USDT
CATE continues to create lower highs and lower lows. At the time of writing, bears are in full control with no major signs of a reversal. The token has just lost the September low as support and is now searching for a lower low.
The bulls need to push prices above the September low and hold.
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FLOKI/USDT
FLOKI has lost its range support. The token attempted to reclaim this area as support but failed.
Bulls need to reclaim the 750 zone as support. Rejection from it will take the price to the 650 support zone.
SAITAMA/USDT
SAITAMA continues to test the September low. Since last week, the price has continued to sit at this level with not much movement.
The token is now looking to establish support. Bulls need to hold it, or the token will hit a new low.
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Summary
Here is a summary of the above:
- DOGE is looking for some relief to the upside.
- SHIB is establishing support.
- BABYDOGE is in a consolidation pattern.
- CATE continues to print lower highs and lower lows.
- FLOKI has entered a range pattern.
- SAITAMA is in consolidation waiting for its next move.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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