Economy 28-03-2024 09:36 6 Views

Dogecoin and Shiba Inu: Shiba Inu on the bullish side 

Dogecoin

Dogecoin and Shiba Inu: Shiba Inu on the bullish side 

  • The price of Dogecoin climbed back above the 0.20000 level this morning. 
  • Shiba Inu price mostly pulled back yesterday, forming a hunt at the 0.00002915 level. 

Dogecoin chart analysis

The price of Dogecoin climbed back above the 0.20000 level this morning. A new weekly high was formed at the 1.20639 level. After that, the price makes a pullback to support at 0.19400.

From there, we initiate a new bullish consolidation and move back above the 0.20000 level again. We expect to see a continuation of this bullish trend and test this morning’s high once again.

Potential higher targets are 0.20600 and 0.20800 levels. For a bearish option, we need a pullback of Dogecoin down to this morning’s support at 0.19400.

With this, we break through the previous bullish formation and expect a drop to a new low. After that, the price would go down to 0.19000 and test the daily open price there. Potential lower targets are 0.18800 and 0.18600 levels. Additional first support is the EMA50 and the zone around 0.18700.

Dogecoin chart analysis

Shiba Inu chart analysis

Shiba Inu price mostly pulled back yesterday, forming a hunt at the 0.00002915 level. After that, we bounced back above 0.0002950 and stabilized above that level. Price initiates consolidation from there and climbs to 0.00003100.

There we encounter the first resistance that brings us back to the new support at the 0.00003000 level. Here, we encounter the EMA50 moving average, which does not allow us to move below it.

We are initiating a new bullish consolidation and now testing the 0.00003100 resistance level again. We expect to see a break above and an extension of the bullish consolidation to higher levels. Potential higher targets are 0.00003150 and 0.00003200 levels.

We would need to break below the EMA50 and 0.00003000 for a bearish option. After that, the price would be pressured to go down to the EMA200 at the 0.00002900 level.

Shiba Inu Chat Analysis

 

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