The market has printed a lower high, does the bear market continue? Read below to find out!
Last week we saw memecoins continue to print lower highs and lower lows. Since then the market continues to plunge. This week's price action has now set a new monthly low.
In this technical analysis, we will be taking a deep look into our favorite memes coins: DOGE, SHIB, BABYDOGE, CATE, FLOKI and SAITAMA in the 4-hour time frame.
DOGE/USDT
Using the logarithmic chart to keep things nice and tight.
At the 4-hour time frame we can see that DOGE has printed a low in May. However, since then DOGE has found short-term support. Will the new low hold, or will we continue to see lower lows?
Looking at our most recent price action, we can see that February's low is now being tested as support. Price action managed to close above the March low but sold off since. We can see price action was rejected by last week's area of interest.
A 4-hour close below the $0.1150 and expect a push to the upside. However, a rejection from the resistance is shown, and expect the lower lows to continue.
SHIB/USDT
Sticking to the logarithmic chart to keep things nice and tight.
The 4-hour time frame is showing us that SHIB was also rejected from our area of interest mentioned in last week's analysis. Since then SHIB has been creating lower lows. When will SHIB find support?
Looking at our most recent price action, we can see there is a new monthly low. SHIB is now looking for a potential double bottom. A confirmation of support at this level puts SHIB in a good position to retest the April low.
A 4-hour rejection from the resistance shown or below the May low and expect a continuation of lower lows. However, a 4-hour close above 1750 and expect a push towards the April low.
BABYDOGE/USDT
Looking at the 4-hour time frame, we can see the trend remains in favor of the bears. Is BABYDOGE going to continue creating lower lows, or has support been found?
Taking a closer look at the most recent price action, we can see that a new monthly low has been set. Price action was rejected by our April low and has since been creating lower lows. You can see BABYDOGE has found short-term support at 1600.
A 4-hour close above 1420 gives the bulls a chance to step in. However, a 4-hour close below the May low and expect a continuation of lower lows.
CATE/USDT
Sticking with our logarithmic chart, keeping it clean.
Looking at the 4-hour time frame, we can see CATE continues to print lower highs and lower lows. Since then, CATE printed a new monthly low.
With regards to our most recent price action, we can see a lower high has been formed and is looking to retest the May low. A loss of this level could send CATE into deep waters.
A 4-hour close above 8025 and expect a push from the bulls. However, a 4-hour rejection from this level and expect the lower lows continue.
FLOKI/USDT
FLOKI needs attention. Where's Elon?
Sticking with our 4-hour time frame, we can see the trend remains in favor of the bears. Price action attempted to retest the April low and continued to sell off.
Taking a closer look at our most recent price action, we can see FLOKI has no major support. The bears are in full control. Will the May low hold?
A 4-hour above 1300 and expect a push towards the April low. However, a 4-hour rejection from the resistance shown above and expect a continuation of lower lows.
SAITAMA/USDT
Last but not least, yours truly, SAITAMA.
Looking at the 4-hour time frame, we can see the trend remains in favor of the bears. We can see the price range has been broken and major support has been lost.
Taking a closer look at our most recent price action, we can see the coin is looking to retest the May low. SAITAMA is in full control of the bears.
A 4-hour close above the most recent lower high gives the bulls some leverage. However, a 4-hour close below the May low and expect a continuation of lower lows.
Summary of All the Charts to Keep It Simple
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
● DOGE continued to print lower lows.
● SHIB reached potential local bottom.
● BABYDOGE shows no major signs of support.
● CATE found short-term support.
● FLOKI needs Elon's attention.
● SAITAMA continues to create lower lows.
Something to look out for this week is to see if May's low holds. This analysis is based on a 4-hour time frame. Hopefully, next week things start to turn in favor of the bulls.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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