Technical Analysis: DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA (Feb. W4)
Trading Analysis

Technical Analysis: DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA (Feb. W4)

3ในการอ่าน
1 year ago

Memecoins recently found local support. Will the market continue to create new highs?

Technical Analysis: DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA (Feb. W4)

สารบัญ

Last week, memecoins experienced a sharp sell-off. In this week’s technical analysis, we will analyze the price charts of DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA in the 4-hour time frame to monitor their current conditions

DOGE/USDT

Last week, DOGE was looking to confirm support at $0.08. Since then, the coin has found support and is working on its next leg to the upside.
The market is sitting at a pivotal level - the bulls need a close above the $0.088 resistance zone to extend the rally. Rejection from this level would assist bears with a push towards the $0.08 zone.

Also Read: Breakout vs Fakeout (False Breakout)

SHIB/USDT

This week, SHIB continues to look stronger than the other memecoins. The token has established strong support above the area of interest shown in the chart.
At the time of writing, SHIB is looking to continue to the upside. The bears can still take over by rejecting the price at this level. The bulls need to close and hold the price above the 1,400 level to extend this rally.

BABYDOGE/USDT

Last week, BABYDOGE printed a new monthly high and found resistance. Since then, the token has been creating lower highs and lower lows.
At the time of writing, the market is approaching the 2.7 support level. The bulls need to keep the price above this level if they want to extend this rally. Losing it will shift the market structure in favor of the bears and could lead towards a sell-off.

Also Read: What Are Ranges in Trading and How to Use Them?

CATE/USDT

This week, CATE was trying to break above the September low. However, the token failed and is now looking for support. The bulls need to stay above the area of interest to keep the market structure in their favor.
At the time of writing, CATE is sitting in a consolidation pattern with no major signs of breaking out. Something to look for this week is to see if the area of interest shown in the chart above holds as support.

Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?

FLOKI/USDT

Last week, FLOKI was trying to confirm support after printing a new monthly high. Since then, the token has continued to create higher highs and higher lows. The bulls need to stay above the 3,500 support level to continue this movement. Losing this level will shift the market structure in favor of the bears.

SAITAMA/USDT

This week, SAITAMA remains in its consolidation pattern from last week’s analysis.
At the time of writing, there are no major signs of the price breaking out of its range. This level will continue to be a battle between the bulls and bears.

Also Read: 2019 vs 2023: Analyzing The Market Structures

Summary

Here is a summary of the above:

  • DOGE has confirmed support.
  • SHIB is looking to extend this move to the upside.
  • BABYDOGE is establishing a new range.
  • CATE is looking for support.
  • FLOKI is looking for a higher low.
  • SAITAMA continues to sit in a consolidation pattern.

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.
1 person liked this article