Meme Coin Predictive Analysis for April 6, 2022 — More Tears

Shiba Inu Analysis

SHIB price extends the previous session’s gains. The descending trend line from the highs of $0.000035 acted as a strong resistance barrier for the bulls. A decisive break of the bearish slopping line will set the base for the next leg up in SHIB price. On the daily chart, the SHIB price makes impressive gains from the lows of $0.000021. For the first time since February 17, SHIB pierced above the 50-day EMA (Exponential Moving Average) at $0.00024 on March 27. Further, the price completed a ‘Rounded’ bottom formation, which is a bullish reversal pattern. However, the bulls now face a strong resistance near the $0.27 horizontal level.

DOGE Analysis

Elon Musk again influenced the price of Dogecoin (DOGE), which soared after it was announced that the billionaire had become a shareholder of Twitter. The DOGE price reattempts to breach the $0.158 resistance within a fortnight. However, the traders aggressively selling on higher levels reverted the altcoin below this resistance, displaying a long-tail rejection candle. As a result, the sustained selling could dump the altcoin by 7% to $0.133. A bullish breakout from the falling wedge pattern ignited the DOGE recovery rally on March 19th. The post-retest rally soared the meme coin by 30%, hitting the $0.152 monthly resistance. However, the sellers stalled any further price rally and reverted the coin price with a high-wick rejection candle.

  • Resistance levels- $0.152 and $0.167
  • Support levels- $0.13 and $0.11

FLOKI Analysis

FLOKI is in an uptrend in the 4-hour time frame, so the price should be expected to reach at least 0.000042. If it can flip the resistance level, the three-month trend line could be broken, which would infer higher prices. Since the price is still under significant resistance, it is best to play this token level to level.

  • Resistance levels- $0.000045 and $0.000048
  • Support levels-$0.000033 and $0.00003

ELON Analysis

ELON is currently in a range. The price has been tested and held in the demand zone, showing the buyers’ strength. With ELON starting to show strength and the price in a macro uptrend for the first time since its release, there is no reason why it cannot expand up to 0.00000142. The token needs to flip the range highs and supply zone at 0.0000012. This would open up a move of more than 20%. As can be seen, the price has formed a swing failure pattern, if it starts to move back down to range lows, or break below, 0.000000771 is the likely next point of interest for bulls.

Summary

  • With Bitcoin accelerating its move to the upside, meme coins will likely start to pump.
  • Three of the hottest meme coin at the moment are Shiba Inu, Floki Inu, and Doge.
  • With all three coins reacting nicely off local supports, prices seem as if they will break the current downtrends they are in (still determinant on BTC)
  • FLOKI looks like the best play of the three, with it looking relatively bullish against both SHIB and DOGE, and on its USDT pair.
  • SHIB could also break out of a trendline which may allow the price to move to 0.00003527, which is more than a 10% move.

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Adam Tracy

Adam Tracy

Crypto Influencer | Blockchain Evangelist | Ex Pro Rugby Player | Find Me: https://linktr.ee/adamtracy