Meme Coin Predictive Analysis for April 6, 2022 — More Tears
Bitcoin (BTC) has accelerated its uptrend as the market is adopting a risk-on approach. This, therefore, means that looking for higher beta alt-coins is wise, aiming to find strength in the market. There are four different cycles the market goes through whilst rising, one of which is the meme-coin cycle.
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.
A sustained buying pressure will push the price into a higher trajectory toward the psychological $0.000030 level. An extended buying momentum will bring $0.000035 into play. The levels were last seen in February. On the other hand, the price formed an ‘Umbrella Doji’ candlestick, if followed by a red candlestick will heighten the possibility of the price reversal. A spike in sell order would drag the price toward the 50-day EMA (Exponential Moving Average) at $0.000024.
As of publication time, SHIB/USD is trading at $0.000027, up 1.61% for the day. The 24-hour trading volume is standing at $1,448,527,460 as per the CoinMarketCap.
RSI: The daily Relative Strength Index reads at 65 heading toward the overbought zone.
MACD: The Moving Average Convergence Divergence holds above the midline with a bullish bias.
SHIB cannot show the growth prospects of DOGE as it keeps trading sideways. On the other hand, the rate is coming back to the resistance at $0.00002850. The altcoin has accumulated enough energy for a further rise, which means that there is a good chance to see the breakout next week.
Shiba Inu (SHIB) becomes the latest cryptocurrency part of Bitcoin of America’s ATM network.
The popular meme coin Shiba Inu (SHIB) has been added to Bitcoin of America, a US-based ATM chain that has over 1,800 machines spread across more than 31 states.
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.
The DOGE price retraced 12% and retested the shared support of $0.133 and 50-day EMA. The buyers managed to rebound from this support but still struggled to surpass the overhead resistance($1.52). The possible reversal could resemble a double top pattern and accelerate the selling pressure with $0.122 support.
The OBV indicator shares a bearish divergence concerning the recent swing high at $0.152 resistance. This divergence accelerates the possibility of a bearish reversal and fallout from $0.133 However, the DOGE price is sandwiched between the 50-and-100-day EMA, forming a short consolidation range. Moreover, the 20 and 50 EMA provides a bullish crossover near $0.133 support, strengthening the buyers’ defence from the bottom.
- Resistance levels- $0.152 and $0.167
- Support levels- $0.13 and $0.11
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 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.
- 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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