Technical Analysis: DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA (Feb. W3)
Trading Analysis

Technical Analysis: DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA (Feb. W3)

Memecoins recently faced a strong resistance. Will the market continue to sell off this week?

Technical Analysis: DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA (Feb. W3)

Tabla de contenidos

Last week, memecoins tried to test the resistance multiple times but failed. In this week’s technical analysis, let’s analyze the price charts of DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA in the 4-hour time frame to analyze their current conditions.

DOGE/USDT

This week, DOGE printed lower highs and lower lows, after being rejected by the area of interest shown above. The next level of support is at the $0.07 zone.
It is crucial for bulls to confirm support at or above $0.07. Losing this level will shift the market structure in favor of the bears.

Also Read: A Complete Guide To Death Cross and Golden Cross?

SHIB/USDT

Last week, SHIB was the pack leader, pushing the memecoins toward new local highs. This week, the token got rejected by the resistance and is now trying to confirm support.
SHIB has printed a lower high inside a major resistance level. Let’s see if the area of interest (shown in the image above) proves to be a good support. Losing it may push the price to the September low.

BABYDOGE/USDT

This week, BABYDOGE continued to move up, printing a new monthly high. At the time of writing, the token is in the middle of a correction.
The BABYDOGE bulls have a couple of levels where support can be established. It is important to note that the token has been trending since the beginning of 2023. A correction at this level would not be a surprise for the bulls. If the bears succeed to push the price below the 3.8 zone, expect to see the token continue towards 3.0.

Also Read: How to Use Market Structure In Trading?

CATE/USDT

Last week, CATE was looking to extend its move to the upside. Since then, it has found resistance at the 6,500 level.
At the time of writing, there is no confirmation of support. The next support level visible in the chart is the October low. The bears are trying to stay below the area of interest (marked in the chart). A push towards this level can put CATE in a minor consolidation pattern.

Also Read: How to Trade Options on Bybit?

FLOKI/USDT

This week, FLOKI is in the middle of a minor correction after finding resistance at the 3,500 level. At the time of writing, the token is trying to establish support.
The bulls need to close and hold the price above the 2,100 level, as losing this level will print a lower low for the bears. This zone will be a battleground between the bulls and bears.

SAITAMA/USDT

SAITAMA has been in a consolidation pattern since last week.The range from 2,600 and 3,000 will be a battleground between the bulls and bears. Any breakout/breakdown from the range will determine the next direction.

Also Read: How to Use Moving Averages in Trading?

Summary

Here is a summary of the above:

Writer’s Disclaimer: This article is based on my limited knowledge and experience. It has been written for educational purposes. It should not be construed as advice in any shape or form. 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.
0 people liked this article