- Technical analysis indicating a dump in meme coins
- Is meme coins hype ended? What is coming for Doge, Shib and Pepe?
DOGE:
Dogecoin is currently trading at $0.06136, up by 0.65% today. It is forming an ascending triangle structure. In the short term, Dogecoin is in the accumulation phase, trading within the range of $0.0626 and $0.0596. $0.0596 serves as strong support, while $0.0626 acts as a robust resistance. The 50-day EMA repeatedly pushes Dogecoin’s price down, making $0.0626 a strong resistance level. The zone between $0.0596 and $0.056 offers consistent support for Dogecoin, providing ample buying opportunities. To become bullish, Dogecoin must overcome the resistance of the trendline, the 50-day EMA, and the 200-day EMA. Achieving support above $0.0669 is essential. The MACD indicator is currently bullish, and a successful breach of the resistance zone may trigger a significant price increase.
READ MORE: Jay-Z And Jack Dorsey-Funded Btrust Acquires African Bitcoin Talent Firm Qala
SHIBA INU:
Shiba Inu is currently hovering around its crucial support level of $0.00000715. It’s following a pattern of lower highs and lower lows, repeatedly testing this support level. Maintaining the $0.00000715 support is vital for Shiba Inu, as a 10% drop could lead to a decline to $0.00000647. Shiba Inu should focus on converting the high resistance zone of $0.0000076-$0.00000788 into solid support, as it faces resistance from both the 50-day EMA and a horizontal line in this range. Lower support levels for Shiba Inu can be found at $0.00000647 and $0.00000556.
ALSO READ: Gala Games Partners with Award-Winning Film “Common Ground”
PEPE:
PEPE is currently trading at $0.0000007169, showing a 2.24% increase today. It’s in a parallel downward trend, characterized by lower highs and lower lows. Recently, PEPE encountered resistance from the downward-sloping line in the parallel channel, causing a drop in its price. The support zone for PEPE is at $0.000000605, which represents about a 15% decrease from its current price. If this drop occurs, it could lead to a significant number of liquidations in PEPE. A crucial level for PEPE to surpass is $0.000000825, where it faces two notable resistances: one from a horizontal line and another from the 50-day EMA, consistently pushing PEPE’s price downward.
SUGGESTED FOR YOU: Coinbase CEO Slams JPMorgan for Banning Crypto Payments in UK, Suggests Government Should Act
Gala:
Gala was previously trading within a descending wedge pattern and broke out of the wedge. However, it encountered resistance at the horizontal line at $0.0158.
Currently, Gala is in an accumulation zone, trading within the range of $0.0129 and $0.0158. A breakout from this accumulation zone could lead to a substantial rally in Gala.
Gala is trading in a structure characterized by lower lows and lower highs, while the RSI of Gala is displaying higher highs and higher lows. This suggests the potential for an upcoming bullish rally in Gala.
Conclusion:
In conclusion, the analysis of Dogecoin, Shiba Inu, PEPE, and Gala reveals distinct trading patterns and critical price levels for each cryptocurrency. Dogecoin is poised at a pivotal point with strong support and resistance levels, closely influenced by the 50-day EMA. Shiba Inu faces the challenge of converting a high resistance zone into a robust support level to avoid a significant price drop. PEPE is dealing with a possible 15% drop from its current price, which could trigger liquidations. Gala, on the other hand, has recently broken out of a descending wedge pattern and is now within an accumulation zone, showing potential for an upcoming bullish rally.
Charts From TradingView
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.
