As the market continues to establish support, which coin will more likely have a better time next week from our memecoin category? Let's find out!
If you have been following my pieces, you know I like to use the logarithmic chart. The price action is condensed for a better view.
Using the 4-hour time frame, we can see that DOGE has printed a new monthly low and high. However, since printing a new monthly high, the price has been sitting at support. Is our major support level going to hold steady or are we setting up for lower lows?
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A 4-hour close above $0.083 will assist the price to go to a new June high. However, if there is a rejection from $0.083, expect a trip towards our May low.
Sticking with the logarithmic chart, keeping things simple.
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Shifting towards our most recent price action, we can see SHIB continues to print higher lows. SHIB printed a higher high early last week and is now looking to confirm support. With the confirmation of a higher low at this level, we can expect SHIB to make a big move.
A 4-hour close above 1135 will assist the price to retest the June high. However, if there is a rejection from this level, expect a steep sell-off.
Nothing new here as we are sticking with the 4-hour time frame and logarithmic chart combo. BABYDOGE has been stable since its recent big move. The bulls remain in control and are looking to confirm support.
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A 4-hour close above our of interest will trigger a retest of our higher high. However, if there is another rejection from this level, expect to see a deeper pullback.
Scanning from left to right, we can see CATE remains in a downtrend. At the time of this writing, there are no clear signs of a reversal.
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If there is a 4-hour close above our psychological resistance of 5000, expect a move to the upside. If support at 4700 does not hold, expect to see the sell-off continue.
FLOKI continues to look for a higher low. The major trend remains in favor of the bears, but we know things can change quickly with memecoins.
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If there is a 4-hour close above the area of interest shown in the chart, expect the bulls to step in. However, another rejection from this level, bull may need to call Elon.
Last but not least, SAITAMA!!!
SAITAMA was last week's star, outperforming most memecoins. Since then, there has been a minor retracement back to our area of interest.
If there is a 4-hour close above 4500, expect the bulls to have some fun. However, a close below our area of interest may bring a sell-off that will take the coin down to 2900.
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
● DOGE is looking to confirm support.
● SHIB bears regaining short-term control.
● BABYDOGE is aiming for the higher low.
● CATE bears are in full control.
● FLOKI bulls are stepping in.
● SAITAMA is looking to flip resistance for support.
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Remember that this is all based on the subjective views of the writer. As always do your own research.