Memecoins kicked off the new year with a bang! Will this run continue?
Memecoins are trending again! 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 performance.
Last week, DOGE was looking to make a new high. On its quest, it found resistance at the area of interest and flipped it into support.
At the time of writing, DOGE is setting up for another breakout. If the bulls can close and hold the price above the area of interest (mentioned in the chart), expect to see a push towards the $0.10 zone. However, another rejection from this level will trigger a move towards the minor resistance shown in the chart above.
Also Read: How to Use Stop Loss and Take Profit?
This week, SHIB found resistance at the area of interest shown above. At the time of writing, the token is looking for support.
The bulls need to close and hold the price above the 1,200 level to regain control. If the bears can make the price stay below 1,200, expect to see a minor sell-off towards the September low.
BABYDOGE has recently found resistance at the area of interest shown in the image above. At the time of writing, there are no major signs of a reversal.
The bulls need to close and hold the price above resistance to extend this run. However, if the bears can close and hold below the higher low, expect to see the price sell towards the support zone.
Also Read: How to Read and Analyze Candlestick Chart Pattern in Day Trading?
This week, CATE is trying extend its move to the upside. At the time of writing, support is being established. The bulls are looking to set a new monthly high.
If the bulls can close and hold the price above the 5,000 leve,l expect to see a push towards the area of interest shown in the chart above. However, if bears can close and hold below the 4,500, the price may aim for the October low.
Also Read: Risk Management: What is It and Why Should I Use It in Trading?
This week, FLOKI has continued to print higher highs and higher lows.
At the time of writing, the token is looking to break out of its higher time frame channel. If the bulls can close and hold the price above the area of interest (shown above), the 1,345 level will become the next target. However, a rejection from this level will put the pair in a consolidation zone.
Last week, SAITAMA showed signs that bulls were present. Since then, the token has continued to make its way to the upside.
At the time of writing, SAITAMA is looking for support. The bulls need to close and hold the price above the 2,600 level to extend this run.
Also Read: How to use Market Structure in Trading?
Here is a summary of the above:
- DOGE is trying to break out.
- SHIB is looking for support.
- BABYDOGE is also looking for support.
- CATE is printing a higher low.
- FLOKI is looking to set a new monthly high.
- SAITAMA is looking for support.
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.