Most memecoins are facing resistance. Is your favorite token one of them?
The whole market started trending as 2023 kicked off. Whether it was a relief rally or an indication of a run, memecoins followed the market trend and made huge moves! 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 current performance.
This week, DOGE is looking to extend to the upside. At the time of writing, the coin is testing the resistance level for a breakout.
DOGE needs to break out of its consolidation pattern in order to see further movement to the upside. The bulls need to stay above the area of interest shown in the chart to extend toward the $0.10 resistance zone. Rejection from this area will keep the token in a holding pattern.
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Last week, SHIB found resistance at the 1,250 level and fell to its nearest support zone. The token is now looking for a chance to move upward.
SHIB is on a quest to go above the area of interest. The bulls need to close the price above this level and hold to see another push to the upside. At the time of writing, the token has not cleared resistance, and it is possible to see a rejection at this level.
This week, BABYDOGE is one of the memecoin pack leaders! The token has been in a strong uptrend since our last week’s analysis.
At the time of writing, there are no major signs of a reversal. The BABYDOGE bulls’ next resistance target is about 10% away. The bears’ reaction must be strong enough to begin a reversal.
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CATE is following in the footsteps of DOGE! At the time of writing, the token is in a consolidation pattern setting up for a breakout.
The area of interest remains critical. If the bulls successfully close above this level, expect to see a push towards the September low! However, another rejection from this level would shift the market structure in favor of the bears.
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Last week, FLOKI was sitting at a major resistance level. Since then, the token has made a break to the upside with no signs of slowing down.
At the time of writing, FLOKI has found short-term resistance. A correction from this level would be healthy. However, the bears have some work to do in order to push the price to the nearest support.
This week, SAITAMA is also in a consolidation pattern. Since our last week’s analysis, the token has found support.
This will be a battleground between the bears and bulls. The bulls need to close and hold the price above the resistance level to see a move to the upside. While the bears would need to make a close below the support level.
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Here is a summary of the above:
- DOGE is still attempting to break above the resistance.
- SHIB continues to support its uptrend.
- BABYDOGE is sitting at a minor resistance
- CATE might be setting up for a big move.
- FLOKI has made a break to the upside.
- SAITAMA seems to be 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.
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