Dogecoin and Shiba Inu: Doge meets resistance at 0.17000

Dogecoin chart analysis

The dogecoin price has been facing some resistance since this morning at the 0.16550 level. Our focus is on maintaining a position above the EMA50 moving average, a crucial indicator for potential growth. The current market conditions suggest a possible break below this average, leading to a new daily low. This indicates a downward pressure on the price, necessitating a search for new support.

Potential lower targets are 0.16000 and 0.15500 levels. If the opposite happens and we get the support of the EMA50 moving average, the Dogecoin price will have an opportunity to start a positive consolidation and continue the recovery. Potential higher targets are 0.17000 and 0.17500 levels.

Shiba Inu chart analysis

The price of Shiba Inu encountered resistance in the 0.00002625 zone yesterday, after which it had to start a pullback. With two strong bearish impulses, we saw a drop to the 0.00002500 level. We then get new support at that level and briefly recover to the 0.00002600 level. Today’s movement takes place in the 0.00002500-0.00002550 range. We need a new bullish impulse that would move us above the upper line of this range and thus strengthen the growing momentum. 

After that we can expect a further continuation to the bullish side. Potential higher targets are 0.00002600 and 0.000026500 levels. We would have to go down again to the 0.00002500 support level for a bearish option. An impulse below that support will push us to the EMA200 and 0.00002480 level. Failure to hold above this level will send us looking for new support.

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