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Cryptocurrency Price Today: Are Meme Coins Finally Showing Signs of Bullish Reversal?


Meme coins took a significant hit during the ongoing correction phase. Many crypto coins lost their 50% retracement level and continued to face bear wrath. However, the growing interest of investors in those discounted prices teases a recovery opportunity in these coins. Let’s study the technical charts of these top meme coins to find out.

SHIB Buyers Plan To Escape The Falling Channel

Source-Tradingview

For the majority of its correction rally, the SHIB price was resonating in a falling wedge pattern. The bears were using the resistance trendline to sell on rallies and drive the token to lower levels. Concerning the recent lower low of $0.00001715, the token price has lost 80% from the All-Time High of $0.00008845.

Today, the buyer finally managed to pierce the falling trendline, indicating the first hint to end the correction phase.

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However, the technical chart shows the buyers still need to face the immediate hurdles of 20, 200-day EMA, and $0.00002542 horizontal resistance. Thus, SHIB price would be better positioned for a trend reversal if buyers were able to overcome this coincided resistance.

Contrary to the assumption, if sellers defended these levels, the token price would re-enter the falling channel and might sink to the $0.000017 mark.

Floki Inu (FLOKI): Descending Trendline Breakout Is Must For Bullish Recovery 

Source- Tradingview

Since the downtrend initiated in November 2021, the FLOKI buyers are facing intense selling on a descending trendline. This dynamic trendline has greatly helped bears to sell on rallies and slide to the current low of $0.0000145. The memecoin has recently plunged below the October 27th intraday low($0.00005), threatening more pain in upcoming days.

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However, on January 23rd, the daily candle showed a long lower price rejection, indicating the traders are buying at this support. If bulls could breach and sustain above the descending trendline, the token has a better possibility for a bullish reversal.

The Relative Strength Index(22) slope is plunged to oversold territory, indicating the coin price can be bought at a heavy discount.

Can DOGE Buyers Benefit From The Support Level Fakeout 

Source- Tradingview

For the past two months, the Doge price was consolidating in a confined range, stretched from $0.216 and $0.14 mark. However, on January 21st, the sellers managed to nosedive below the bottom support, suggesting bear attack would continue on DOGE.

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However, even after two weeks of the retest phase, the sellers couldn’t push the coin lower than $0.12, which eventually allowed buyers to climb back into the consolidation range, indicating a fakeout.

If buyers could sustain the coin above the $0.12 mark, the bulls would rechallenge the $0.14 to initiate a recovery phase.

The moving average convergence/divergence indicator projects a buy signal with MACD and signal line bullish crossover in the negative territory. 

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