- DOGE, SHIB and PEPE technical analysis explained
- Important levels for SHIB and DOGE to overcome
- PEPE dropped by massive 46% in 30 days
Dogecoin (DOGE) is currently priced at $0.0622, experiencing a 1.7% increase over the past 24 hours. However, when examining the weekly performance, it has seen a 1.5% decline, hitting a weekly low of $0.0593. Over the last 30 days, Dogecoin has suffered a significant 16.6% drop.
Notably, Dogecoin has breached a critical support line at $0.0669 and is now descending towards the next support level at $0.056. The coin is currently trading below essential daily Exponential Moving Averages (EMAs) such as the 50-day, 100-day, and 200-day, which are acting as formidable resistance levels.
To regain positive momentum, Dogecoin must overcome a challenging resistance zone spanning from $0.064 to $0.07. This zone contains multiple resistance barriers that have been pushing Dogecoin’s price downward. Technical indicators like Moving Average Convergence Divergence (MACD) suggest a bullish trend, while the Relative Strength Index (RSI) is approaching the 50 level, indicating potential upcoming momentum in Dogecoin’s price.
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Shiba Inu (SHIB) is currently trading at $0.00000737, marking a 1.6% increase in the last 24 hours. However, over the past 7 days, SHIB has seen a 2.8% decline, reaching a low of $0.00000695. Looking at the 30-day performance, SHIB has experienced a substantial 27.8% decrease, primarily due to the significant crypto market downturn in August.
Similar to Dogecoin, SHIB has broken below a critical support level at $0.00000786 and is now approaching its next support level at $0.00000649. SHIB is currently following a bearish pattern of lower highs and lower lows. Additionally, it is trading below key daily Exponential Moving Averages, including the 50-day, 100-day, and 200-day, all of which are acting as strong resistance levels.
The zone between $0.0000078 and $0.0000085 represents a robust resistance area for SHIB. To initiate an upward movement and maintain it, SHIB must transform this zone into a support level. Technical indicators such as MACD indicate a negative trend, and the RSI is declining, indicating a lack of momentum in SHIB’s price action.
PEPE has gained significant popularity within the meme community and currently ranks among the top 3 meme cryptocurrencies. However, it recently experienced a notable price drop due to various FUD (Fear, Uncertainty, Doubt) factors. Presently, PEPE is trading at $0.000000681, reflecting a 1% increase in the past 24 hours. Over a 7-day period, PEPE has witnessed a 14% decline, and in the monthly timeframe, it has dropped by a substantial 46.7%. Just three days ago, PEPE reached its lowest point at $0.0000006.
PEPE is currently trading within a parallel channel characterized by lower highs and lower lows. A trendline is serving as resistance, pushing PEPE’s price downward. Inside the parallel channel, there appears to be a descending wedge pattern. A successful breakout from this wedge could lead to an uptick in PEPE’s price.
The Moving Average Convergence Divergence (MACD) indicator is in a bullish territory, while the Relative Strength Index (RSI) is in the oversold region, suggesting potential upward momentum in PEPE’s price action.
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The cryptocurrency landscape is marked by dynamic shifts in prices and patterns, with Dogecoin, Shiba Inu, and PEPE each displaying unique trends and challenges. Dogecoin faces the task of overcoming strong resistance levels after breaking crucial support, while Shiba Inu confronts a bearish structure and significant price volatility. On the other hand, PEPE, a rising meme coin, aims to recover from recent setbacks and is showing signs of potential upward movement.
Charts from TradigView
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.