Last week we saw memecoins
setting up for their next move. Since then, the market has printed a new local top. This week's price action is now looking to confirm this breakout zone for support.
In this technical analysis
, we will be taking a deep look at our favorite memecoins: DOGE, SHIB, BABYDOGE, CATE, FLOKI, and SAITAMA in the 4-hour time frame.
Using the logarithmic chart to keep things nice and tight.
Looking at the 4-hour time frame, we can see that DOGE has printed a new local top at $0.1711. However, since then DOGE has been creating lower lows. Will this major support hold or will we continue to see lower lows?
Looking at the most recent price action, we can see that DOGE broke below our area of interest and has hit a support level. At the time of writing, there is no confirmation if DOGE will hold this support. The bulls need to reclaim $0.14 to put things in their favor.
If there is a 4-hour close below $0.13300, expect to see a continuation of new lowers lows. However, if there is a bounce off this level, DOGE will successfully flip resistance into support.
Sticking to the logarithmic chart to keep things nice and tight.
The 4-hour time frame is showing us that SHIB did not close above our 2550 resistance mentioned in last week's analysis
. Since then, SHIB has been creating lower lows.
When will SHIB find support?
Looking at the most recent price action, we can see SHIB is looking to confirm support by printing a double bottom. Since creating lower lows, the token has been tempted to test the April low. A confirmation of support at this level puts SHIB in an excellent position for another run-up.
A 4-hour close below 2280 will push the token to a lower low. However, if there is a 4-hour break above our new area of interest, expect SHIB to make a push towards 2500.
Looking at the 4-hour time frame, we can see the trend remains in favor of the bears. Has BABYDOGE found a short-term support? How long will this level holdr?
Taking a closer look at the most recent price action, we can see that BABYDOGE
has flipped support into resistance. We have recently created a new lower. However, there are signs that bulls are stepping in. You can see BABYDOGE has found support at 2060 and is now looking for confirmation.
A 4-hour close above 2100 will allow bulls to make a push. However, if there is a 4-hour close below this level, expect a continuation of lower lows.
Sticking with our logarithmic chart to keep it clean.
Looking at the 4-hour time frame, we can see that CATE was rejected from the resistance shown in last week's analysis
. Since then, it has been creating lower lows.
Looking at our most recent price action, we can see that the support has flipped into resistance. CATE has created a new April low. A loss of this level could send CATE into deeper levels.
If there is a 4-hour close below the new April low, expect a continuation of lower lows. However, a 4-hour above the March low will give bulls another chance to take over.
Uh Oh Elon's dog, FLOKI
is looking a little down.
Sticking with our 4-hour time frame, we can see the trend remains in favor of the bears. A rejection from last week's area of interest has led us to lower lows. FLOKI has printed a new April’s low.
Taking a closer look at our most recent price action, we can see the bulls are looking a little weak. Since creating a new April low, FLOKI was rejected by the March low and is now continuing the sell off. Will the new low hold?
A 4-hour above 2200 is a good start for the bulls. However, a 4-hour close below the April low would lead to a continuation of lower lows.
Finally, a rising meme star - SAITAMA
Looking at the 4-hour time frame, we can see the trend remains in favor of the bears. We have seen lower highs and lowers lows with no major signs of support.
Taking a closer look at our most recent price action, we can see SAITAMA has printed a new April low. The bulls are looking weak. Will we see a reversal soon?
A 4-hour close above the most recent lower high is a good start. However, if there is a 4-hour close below the new April low, expect another lower low.
If you are one of those who skipped to the bottom to save some time, here is a summary of the above:
● DOGE is being a good boy. It broke below the area of interest and has found a new support.
● SHIB is trying to confirm the support.
● BABYDOGE has also found support and is trying to confirm it.
● CATE must hold the current support to avoid falling to deeper levels.
● FLOKI seems a little bit down.
● SAITAMA bears are in full control.
Something to look out for this week is a retest of last week's resistance. This analysis is based on a 4-hour time frame. Hopefully, next week things will start to turn in favor of the bulls. No one likes a DOGE who is down!
Remember that this is all based on the subjective views of the writer. As always do your own research.
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