Technical Analysis: Shiba Inu (SHIB), Dogelon Mars (ELON) or Floki Inu (FLOKI) - Which One Should You Go For?
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Technical Analysis: Shiba Inu (SHIB), Dogelon Mars (ELON) or Floki Inu (FLOKI) - Which One Should You Go For?

7 months ago

Before the memecoin cycle kicks off, lets take a look at all the charts and find the most potential memecoin for 2022!

Technical Analysis: Shiba Inu (SHIB), Dogelon Mars (ELON) or Floki Inu (FLOKI) - Which One Should You Go For?

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Bitcoin (BTC) has accelerated its uptrend as the market is adopting a risk-on approach. This, therefore, means that looking for higher beta alt-coins is wise, aiming to find strength in the market. There are four different cycles the market goes through whilst rising, one of which is the meme-coin cycle. Shiba Inu (SHIB), Dogelon Mars (ELON), and Floki Inu (FLOKI) are some of the most hyped meme coins on the market at the moment. In this technical analysis, we will use technical indicators to observe the prices of the above-mentioned tokens in multiple time frames.

FLOKI/USDT in a 4-Hour Chart

There is a clear demand zone at 0.00003709, a level that has held perfectly so far implying that there are buyers present. The price has been in a clear downtrend since the start of November, and if FLOKI loses the bottom of this demand zone (below 0.00003007), then it is likely that the downtrend will continue. However, with the price above the demand box, the price should test 0.00006166.

FLOKI is in an uptrend in the 4-hour time frame, so the price should be expected to reach at least 0.00005717. If it can flip the resistance level, the three-month trend line could be broken, which would infer higher prices. Since the price is still under significant resistance, it is best to play this token level to level.

ELON/USDT in a 4-Hour Chart

ELON is currently in a range. The price has tested and held in the demand zone, showing the buyers’ strength. With ELON starting to show strength and the price in a macro uptrend for the first time since its release, there is no reason why it cannot expand up to 0.00000142.

The token need to flip the range highs and supply zone at 0.0000012. This would open up a move of more than 20%. As can be seen, the price has formed a swing failure pattern, if it starts to move back down to range lows, or break below, 0.000000771 is the likely next point of interest for bulls.

SHIB/USDT in a 4-Hour Chart

SHIB is attempting to break out from a local downtrend. If the price breaks through the trend line after reacting nicely off 0.00002875 support, it is likely to tests 0.00003527 next. If it flips this level, 0.00003952 would be another target to look for. The increase in volume shows a renewed interest from investors in the token.

Although looking at the USDT charts, it is essential to get a gauge on whether the price is going to perform well, it is equally as essential to compare the three memecoins. Ideally, we want to find the most-profitable token which will outperform the others in the race.

FLOKI/SHIB in a 4-Hour Chart

FLOKI/SHIB is in a clear demand zone, which is currently holding. Floki bulls will likely see the value of their token relative to SHIB rise to 1.84 next, providing the demand zone continues to hold. With a flip of this level, there is no reason as to why the pair cannot move to 3. However, if the price loses the 1.018 level, then SHIB will outperform for the foreseeable future as the pair inevitably pushes to new lows.

FLOKI/ELON in a 4-Hour Chart

FLOKI/ELON is currently at mid-range, it is, therefore, hard to predict which coin will outperform the other.  Since the price has broken the local downtrend, FLOKI bulls could infer that the price will test the area of 50 again. If they can flip this level, a 20% rise could be possible. This is an important level, and with the RSI reclaiming the 50 level, there is room for more upside. However, if the price fails to have the strength to reach the supply zone again, ELON will outperform as the price accelerates to the downside likely testing demand at 34. For FLOKI bulls, this is an important level to hold.

SHIB/ELON in a 4-Hour Chart

As can be seen by the big wick on one of the previous 4-hour candles, SHIB bulls are currently holding the demand zone at 29.5. Providing the price can hold at the bottom of the supply zone at 31, there could potentially be room for more upside movement. This would tell us that SHIB is going to outperform ELON for the foreseeable future.

However,  the price is forming a local downtrend, and although on higher time frame charts, the price is still in an uptrend, it is possible that we will fill in this 4-hour wick before going high. This would be a good long, if it does move down there. If price can flip the supply zone, then all-time highs are on the table. It will be a 21% move for SHIB bulls, and would therefore make sense to hold SHIB instead of ELON.

Summary

  • With Bitcoin accelerating its move to the upside, memecoins will likely start to pump.
  • Three of the hottest memecoin at the moment are Shiba Inu, Floki Inu, and Dogelon Mars.
  • With all three coins reacting nicely off local supports, prices seem as if they will break the current downtrends they are in (still determinant on BTC)
  • FLOKI looks like the best play of the three, with it looking relatively bullish against both SHIB and ELON, and on its USDT pair
  • SHIB could also break out of a trendline which may allow the price to move to 0.00003527, which is more than a 10% move.
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