The Rise and Fall of SHIB and DOGE: A Technical Analysis
Below is the analysis of the current state of the market’s buzz-worthy memecoins, Shiba Inu (SHIB) and Dogecoin (DOGE) through a technical lens. As per CoinMarketCap, SHIB holds the 12th market rank and DOGE takes the 9th position.
SHIB/USDT 1-Hour Trading Analysis
As the 1-hour chart of SHIB/USDT is analyzed above, it becomes evident that SHIB is currently facing difficulty in breaching the previous resistance level and has been experiencing a downward momentum. Nevertheless, the digital asset has been consolidating within a bull flag pattern for the past 48 hours. Now, traders must closely monitor whether SHIB will experience a corrective pullback from the upper trendline or exhibit a bullish breakout and surge toward the current resistance level.
Moreover, the asset is above the 200MA meaning that there are more SHIB buyers in the market. Also, SHIB is one of the memecoin that traders have been accumulating since the token release date.
If SHIB breaks the 200-MA and plummets more, we can observe that SHIB can reach back to its support level at $0.00001158. Another alternative is that it can break its current 1-hour high at $0.00001580.
DOGE/USDT 1-Hour Trading Analysis
Examining the 1-hour technical analysis of the DOGE/USDT pair, we see that DOGE is hovering close to its former strong low of $0.09008. With DOGE frequently fluctuating around its 200-day Moving Average (MA), a break below the 200-MA could lead to a price retracement back to its previous support range between $0.08619 and $0.08486.
However, if the bullish forces dominate, DOGE may surge to reach its resistance range between $0.10060 and $0.09927. The market is poised at a critical point, where a decisive move could take DOGE in either direction.
The post The Rise and Fall of SHIB and DOGE: A Technical Analysis appeared first on Analytics Insight.
Below is the analysis of the current state of the market’s buzz-worthy memecoins, Shiba Inu (SHIB) and Dogecoin (DOGE) through a technical lens. As per CoinMarketCap, SHIB holds the 12th market rank and DOGE takes the 9th position.
SHIB/USDT 1-Hour Trading Analysis
As the 1-hour chart of SHIB/USDT is analyzed above, it becomes evident that SHIB is currently facing difficulty in breaching the previous resistance level and has been experiencing a downward momentum. Nevertheless, the digital asset has been consolidating within a bull flag pattern for the past 48 hours. Now, traders must closely monitor whether SHIB will experience a corrective pullback from the upper trendline or exhibit a bullish breakout and surge toward the current resistance level.
Moreover, the asset is above the 200MA meaning that there are more SHIB buyers in the market. Also, SHIB is one of the memecoin that traders have been accumulating since the token release date.
If SHIB breaks the 200-MA and plummets more, we can observe that SHIB can reach back to its support level at $0.00001158. Another alternative is that it can break its current 1-hour high at $0.00001580.
DOGE/USDT 1-Hour Trading Analysis
Examining the 1-hour technical analysis of the DOGE/USDT pair, we see that DOGE is hovering close to its former strong low of $0.09008. With DOGE frequently fluctuating around its 200-day Moving Average (MA), a break below the 200-MA could lead to a price retracement back to its previous support range between $0.08619 and $0.08486.
However, if the bullish forces dominate, DOGE may surge to reach its resistance range between $0.10060 and $0.09927. The market is poised at a critical point, where a decisive move could take DOGE in either direction.
The post The Rise and Fall of SHIB and DOGE: A Technical Analysis appeared first on Analytics Insight.
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