Dogecoin and the Shiba Inu: new step back for Dogecoin
- Dogecoin’s price made a bearish move yesterday, bringing it down to 0.10140
- Yesterday’s attempt by the Shiba Inu to move above the EMA 200 ended in failure
Dogecoin chart analysis
Dogecoin’s price made a bearish move yesterday, bringing it down to 0.10140. We did not see a recovery in the continuation, and the movement took place in the 0.10150-0.10300 range. Dogecoin remains in a zone of bearish pressure, which could trigger a pullback and drop to a new low. With the momentum lower, the price will test the weekly open price of 0.10060. If even that support is not enough, an even deeper withdrawal will follow.
Potential lower targets are the 0.09900 and 0.09800 levels. For a bullish option, we need a positive consolidation and a move to the 0.10400 level. This is where we encounter the EMA 50 moving average. We need his support for further progress on the bullish side. In the 0.10500 zone, we will test the EMA 200 moving average, which could be a bigger obstacle to our recovery. Potential higher targets are the 0.10600 and 0.10700 levels.
Shiba Ina chart analysis
Yesterday’s attempt by the Shiba Inu to move above the EMA 200 ended in failure. We again had resistance in the moving average zone, and the price did not hold, which led to the initiation of a bearish impulse. Very quickly, we saw Shiba Inu fall to 0.00001343. After that, the price recovered slightly and continued to move in the 0.00001355-0.00001370 range. This morning, new volatility led to us seeing a break below and the initiation of a bearish consolidation.
Shiba Inu is now at 0.00001344 and close to testing yesterday’s low. The step below is the weekly open price at 0.00001399, and we expect to test it soon. That could trigger a stronger bearish momentum. Potential lower targets are the 0.00001330 and 0.00001320 levels. We are getting closer to a new weekly low.
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