Shiba Inu, Dogecoin Price Analysis Guide For The Coming Week
Shiba Inu, Dogecoin Price Analysis: the exhaustion of bullish momentum has stalled price recovery in the majority of cryptocurrencies, including meme coins. However, the resulting consolidation seems like a short break before the recovery shoots up again. Thus, today we’ll analyze the top two memecrypto, Dogecoin, and Shiba Inu coin, to identify their near future goal.
Market leaders
The Bitcoin price currency trades at $23630 with an intraday loss of 0.47%; meanwhile, the Ethereum price exchange hands at $1635, with an intraday loss of 0.57%.
Shiba Inu coin
Source- Coinmarketcap
Under the influence of a rounding bottom pattern, the Shiba Inu coin has witnessed steady growth in the first three weeks of 2023. This pattern formation itself is a sign of sustained recovery in the market and brings several entry opportunities for interested traders.
However, for the fourth week, the coin price is experiencing high volatility, causing a consolidation phase above the $0.000011 support. However, this consolidation should be temporary, and If the coin price shows sustainability above the mentioned support, the price is likely to resume a bullish recovery.
Source- Tradingview
With sustained buying, the Shiba Inu coin price could rise more 17.4% to hit the neckline resistance of the rounding bottom pattern. However, in ideal bullish conditions, this pattern breakout should lead to a price rally to $0.00002.
Dogecoin
Source- Coinmarketcap
The Dogecoin price witnessed a consolidation phase for the past two weeks showing a power struggle to surpass the $0.091 ceiling. However, after an explosive rally, a minor consolation is essential to stabilize the excessive buying.
However, in deeper analysis, this consolidation is part of a famous bullish reversal pattern called cup and handle. The prices have reached the handle portion of this pattern, and are waiting for the breakout of neckline resistance.
Source-Tradingview
By the press time, the DOGE coin trades at $0.088, with an intraday loss of 1.14%. Thus, a daily candle closing above the $0.0916 resistance will signal the resumption of the bullish recovery. This potential rally could drive the DOGE price 18% higher to hit the $0.108 mark.
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