Memecoin Analysis for April 27, 2022 — Party Like its 1999 (Prices)

Bitcoin bulls are attempting to reclaim the $40,000 level and if this happens, memecoins will also rally up from their previous position. The bearishness that the market displayed last week has made a lot of traders fearful, the fear and greed index is in the fear zone. Would this week push the price of bitcoin rally to $43,000 or there is going to be a leg down to the $37,000 support zone?

Shiba Inu Analysis

Should You Buy SHIB In The Recent Pullback?

An extended consolidation is seen on the technical chart that started in March. The accumulation of the token near $0.000022 pulls the demand as investors consider it a discount buying opportunity and hope for a strong up move in the price.

For some time now, it has remained in a long-term downtrend since October 2021 wherein it maintains strong support of $0.00002080.

Key Points

• The formation of a bullish candlestick pattern on the daily chart suggests a bounce-back in the price in the short term.
• The recent downswing pushed SHIB towards a critical demand zone that could activate a new run-up.

The recent price action made investors confused, who want to make money from the asset as wide fluctuation is being noticed. As SHIB swings from the highs of $0.000024 to test the low of $0.000022 delivering mixed signals throughout the day.

The formation of the “Dragonfly Doji” candlestick pattern on April 13 indicates the bulls are exhausted after the biggest single-day move since February 7, thus a reversal is on the offer. As a result, for the last two weeks, the token dwindled near $0.0000020.

The ‘Hammer’ candlestick formation, which is a bullish reversal pattern makes the bulls hopeful for a quick recovery in the price. The first upside filter could be found at the 50-day ema (Exponential Moving Average) at $0.000025.

On the contrary, a break below the session’s low would neglect the bullish arguments in the asset. In that case, the price would fall back to the lows on April 11 at $0.000024.

The Relative Strength Index (RSI) is oscillating at 47.

• Resistance levels- $0.000028 and $0.00003
• Support levels- $0.000022 and $0.00002

You can now burn SHIB to generate passive income. Crypto investors owning the Shiba Inu meme token can now get an additional profit thanks to a recently introduced service — a burn portal.

According to the official announcement, the burn portal will help holders generate passive income by burning SHIB. Destroying canine coins makes them more scarce, which can potentially boost their price.

Contributors to reducing the SHIB supply will be able to receive rewards in the form of burntSHIB tokens. Their owners will receive roughly 0.5% of all conducted transactions.

Shiba Inu becomes the largest token held by ETH whales. According to WhaleStats, the SHIB token has flipped the FTX token again to become the largest token held by the biggest 100 ETH wallets.

Seems like Ethereum whales are on a buying spree. SHIB token has landed in the top 10 tokens purchased by ETH wallets in the last 24 hours.

Doge Analysis

Dogecoin (DOGE) rallied from a one-month low on Monday when news declared that Elon Musk has bought Twitter and he wants to integrate Dogecoin with Twitter.

The largest meme coin by market capital rose 10% from an intraday low in a few minutes, as multiple reports said the social media firm was on the verge of accepting Musk’s $43 billion offer.

The Telsa CEO is a fan of DOGE and has featured the token in several Tesla roadshows and events. Musk’s interest in the meme coin, particularly through his tweets, also helped it become the 11-the largest crypto by market capitalization.

On April 24th, the Dogecoin(DOGE) price gave daily candlestick closing at $0.135 support, suggesting sellers may pull the coin to march bottom support of $0.111.

Key points:

• The DOGE price gives a weekly-candle closing below the $0.133 support.
• The OBV indicator trending higher suggests strong bullish sentiment in the market.

The DOGE/USDT pair has remained quite volatile for nearly three weeks now, wavering within a short range from $0.164 or $0.133. Furthermore, the technical setup shows the DOGE price responding to a falling wedge pattern and gradually nearing its apex.

The DOGE price breached the $0.135 support on Sunday, suggesting the sellers may extend the ongoing correction phase. However, the coin witnessed a significant inflow today and triggered a 35% price jump.

This sudden pump was maybe bounded by the news that Twitter’s board will renegotiate with billionaire Elon Musk about the company’s takeover offer. Moreover, Musk had earlier proposed DOGE payment for the Twitter blue subscription.

For coin holders- A 337% volume spike suggests the DOGE price could give a bullish breakout from the resistance trendline. If buyers succeed, the altcoin will rise 30.8% higher, hitting the $0.165 resistance.

However, the bullish thesis will invalidate if sellers pull the DOGE price below the trendline support, which may trigger a fall to $0.2support.

Technical indicator

The 20-and-50- day EMA aligned with the resistance trendline mounts a strong defence for sellers. However, the coin price trading below the crucial EMAs reflects an overall bear trend.

In contrast to the price action, the OBV indicator forms new higher highs, bolstering the 23.8% growth theory.

• Resistance levels- $0.17 and $0.2
• Support levels- $0.13 and $0.11

Apecoin Analysis

ApeCoin is still looking bullish on the short-term perspective as buyers eye for more gains. This bullish trajectory is likely to remain in the long term if the buying volume — demand — is sustained.

Meanwhile, the recent breakout of the structure suggests that more price increases can be expected towards $30 in the next couple of days. The bulls are now showing more interest as can be seen on the above 4-hours chart.

From today’s low of $17.4, we can expect an increase towards the $20.45 resistance level. A break above this level could push the price further to around the $22 price level and perhaps the $25 level in the future.

The $17.4 price level is currently acting as support for the intra-day traders. A drop below this support could bring the price back to the $15.8 support area. A continuous drop may slip the price further to a $12.8 monthly low.

A break of structure from this low would signal a fresh decrease to $9.66. This might result in a short-term bearish for ApeCoin.

• Key Resistance Levels: $19.7 and $23
• Key Support Levels: $17 and $15

Summary

The SafeMoon community has hit back at fraud allegations brought by Coffeezilla, prompting the internet detective to retract and correct one of his original claims.

The bitcoin price sank below a key support level and triggered mass liquidations across the crypto market. BTC saw $109 million in positions liquidated, while Ethereum liquidations were $88 million.

If bitcoin continues to have a downtrend it would make a lot of memecoins to survive the fatal loss. Floki returns to London with an aggressive Ad Campaign. The project is showing effort in getting mainstream adoption.

—
A former professional rugby player, Adam S. Tracy brings over twenty years’ experience as an attorney, consultant and dealmaker with a particular focus on cryptocurrency, digital products, payments and immersive corporate structures. As an accomplished executive and advisor to blockchain merchants and stakeholders, Adam has proven himself as a results oriented, decisive leader with proven success advising early market entrants, technology adapters, as well as established participants across a wide range of blockchain verticals. Adam Tracy’s attack-first personality allows him to excel in dynamic, demanding environments including complex corporate negotiations, distressed environments and regulatory investigations.

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