Memecoins recently confirmed the double bottom! Will the rally continue?
After successfully bouncing off the November low, memecoins
are looking to extend this move to the upside.
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 to analyze their performance.
Last week, DOGE
was searching for support
after being rejected by the area of interest. This week the coin successfully bounced off the November low and closed above the area of interest.
At the time of writing, DOGE is in consolidation
and looking to establish support. The bulls need to close and hold above 10,800 to extend this rally. However, a minor retracement is expected after the clean breakout.
The bears need to close and hold below the area of interest to regain control.
This week, SHIB
bounce off the November low as mentioned in last week’s analysis
. Since the bounce, the token has been on a steady climb towards the major resistance.
SHIB has support established at the 900 zone. At the time of writing, the token is looking to extend its move to the upside.
The bulls need to close and hold above 970 to extend this move. However, a rejection from this level will put the token in a consolidation pattern.
Also Read: A Complete Guide to Death Cross and Golden Cross?
Last week, BABYDOGE
was in search of support. Since then, the token has successfully bounced off the November low.
BABYDOGE has been creating higher highs
and higher lows
. It has also reclaimed the September low as support. The bulls need to close and hold above the area of interest to create a higher high.
Rejection from this level will push BABYDOGE to the September low.
This week, CATE
has found support at a new November low. Since then, the token has been in an uptrend.
The bulls need to close and hold above the area of interest to continue this rally. The bears have some work to do if they want to push prices to the October low.
Also Read: Breakout vs Fakeout (False Breakout) — Spot the Difference and Increase Accuracy
Last week, FLOKI
was looking for a retest of the area of interest as support. Since then, the token has seen a bounce followed by a breakout.
FLOKI is now looking to continue this rally towards the June high. The trend is currently in favor of the bulls with no signs of a reversal.
was looking for support. The token made a trip towards the November low before retracing back to the area of interest.
The bulls need to close above the area of interest to see a breakout. Rejection from this level will assist the price to the November low.
Here is a summary of the above:
- DOGE is looking to extend to the upside.
- SHIB is looking for a breakout.
- BABYDOGE is also looking to breakout.
- CATE is cooling down after its rally.
- FLOKI is looking to continue its breakout.
- SAITAMA is in consolidation.
Remember that this is all based on the subjective views of the writer. As always do your own research
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