Will memecoins take off in May after reversing from April's high? Check out this price analysis of some of the popular memecoins to find out which ones you should keep an eye on.
The market has printed a lower high, does the bear market continue? Read below to find out!
Last week we saw memecoins
make a run towards April's high. Since then the market has reversed and continued to create lower lows. This week's price action is now looking to create a low for the month of May.
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.
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 lower high at $0.1620. However, since then DOGE has been creating lower lows. Will April's low be the reversal point, or will we continue to see lower lows?
Looking at our most recent price action, we can see May's high was created inside a major resistance zone. Since then price action has retested May's high and continued to sell-off. A bounce off the area of interest gives the bulls some leverage to work with.
A 4-hour close below the $0.1300 and expect the bulls to wake up. However, a close below our area on interest shown and expect a continuation of lower lows.
Sticking to the logarithmic chart to keep things nice and tight.
The 4-hour time frame is showing us that SHIB failed to close above the area of interest in last week's analysis
. Since then SHIB has been creating lower lows.
When will SHIB
Looking at our most recent price action we can see since the May high we have been selling off. SHIB is now sitting at a major support level. A confirmation of support at this level puts SHIB in an excellent postion for a retest of March's low.
A 4-hour close below 1980 and expect to see a lower low. However, a 4-hour break above 2050 and expect to see an extension to the upside.
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 the May’s high was rejected at 1875. Since then we are looking to test the April low. You can see BABYDOGE has found short-term support at 1600.
A 4-hour close above 1750 gives the bulls a chance to step in. However, a 4-hour close below the April low and expect a continuation of lower lows.
Sticking with our logarithmic chart, keeping it clean.
Looking at the 4-hour time frame, we can see CATE
continue to print lower highs and lower lows. Since then, CATE has reached major support.
Looking at our most recent price action we can see a bounce off 9265 — will this hold? A loss of this level could send CATE into deep waters.
A 4-hour close above the March low is a good sign for the bulls. However, a 4-hour rejection from the resistance shown and expect a continuation of lower lows.
Uh Oh, Floki is looking sick. Where's Elon?
Sticking with our 4-hour time frame, we can see the trend remains in favor of the bears. A rejection from April's low has led to a continuation of lower lows.
Taking a closer look at our most recent price action, we can see FLOKI
has no major support. The bulls need to step in or expect a continuation of lower lows.
Will this new minor support hold?
A 4-hour above the April low is a good start for the bulls. However, a 4-hour close below the recent support printed and expect the bears to take over.
Last but not least, 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 is starting to tighten.
Taking a closer look at our most recent price action, we can see SAITAMA 's recent attempt towards our area of interest. SAITAMA is starting to look neutral. Will we see a reversal soon?
A 4-hour close above the area of interest shown, and expect a retest of the May high. However, a 4-hour close below the recent low and expect a 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 failed to create a higher high.
● SHIB continues to create lower lows.
● BABYDOGE no major signs of support
● CATE short-term support found.
● FLOKI looks sick, we need Elon.
● SAITAMA starts to neutralize.
Something to look out for this week is a retest of May's high. 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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