Investing 08-05-2024 12:12 10 Views

Dogecoin and Shiba Inu: Doge is moving to the bearish side

Dogecoin and Shiba Inu: Doge is moving to the bearish side

Dogecoin’s new weekly low price was formed today at the 0.14733 level.
The new weekly low price of Shiba Inu was formed in the previous hour at the 0.00002261 level. 

Dogecoin chart analysis

Dogecoin’s new weekly low price was formed today at the 0.14733 level. Yesterday’s price action failed to move us above the EMA50, and we started with a bearish consolidation. Last night, we fell below the EMA20 and 0.15000 levels, which had the effect of increasing the pressure on Dogecoin and falling to a new low. It is possible that we will see a further pullback during the day and a test of lower support levels.

Potential lower targets are 0.14500 and 0.14000 levels. For a bullish option, the Dogecoin price would have to return above the EMA200 and 0.15000 levels first. Then we have to maintain it above, after which we can expect a positive consolidation and start of recovery. Potentially higher targets are 0.15500 and 0.16000 levels.

Shiba Inu chart analysis

The new weekly low price of Shiba Inu was formed in the previous hour at the 0.00002261 level. Yesterday, the price managed to hold above 0.00002350 in the first part of the day, but as time passed, we turned to the bearish side. After that we break below the previous support and continue down to the 0.00002300 level. This morning we tried to stay there, but the bearish pressure still prevails, which leads to a pullback to a new low.

Potential lower targets are the 0.00002250 and 0.00002200 levels. We need a positive consolidation and a return above the 0.000022350 level for a bullish option. With that, we skip this morning’s consolidation and climb up to yesterday’s support zone. There, we test the EMA50 moving average, and by moving above it, we strengthen the bullish momentum. Potential higher targets are 0.00002400 and 0.00002450 levels.

The post Dogecoin and Shiba Inu: Doge is moving to the bearish side appeared first on FinanceBrokerage.

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