November 15th Price Analysis: Dogecoin, Shiba Inu, Floki Inu

By Sunil Sharma
Published November 15, 2021 Updated November 15, 2021
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DOGE coin, SHIB token, FLOKI token

November 15th Price Analysis: Dogecoin, Shiba Inu, Floki Inu

By Sunil Sharma
Published November 15, 2021 Updated November 15, 2021

Our beloved MEME Coins provided a remarkable rally in October, teasing all those non-believers with their expensive gain. Though these coins lose the battle of value investing, they sure are some fast-moving coins that give an easy jackpot to those fortunate ones. These meme coins are currently in a retracement phase, preparing for their next destination.

DOGE/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- DOGE/USD chart by Tradingview

On October 28th, the DOGE coin price was rejected from the crucial resistance of the $0.34 mark, which resulted in a minor retracement phase. However, it seems the coin has more plans for market bears as its technical chart indicates a descending triangle pattern in the 4-hour time frame chart.

The neckline for this bearish pattern is at the $0.254 mark, providing an excellent sell opportunity for crypto traders if the price provides a decisive breakout from this bottom support. 

However, contradicting the price pattern, the Relative Strength Index(58) shows a strong bullish divergence in its chart, suggesting increasing the strength of the market buyers. Thus, it is suggested that the traders should wait for a proper breakout before entering the crypto market with a new position. 

SHIB/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- SHIB/USD chart by Tradingview

The SHIB token shows an excellent trading opportunity for crypto traders by forming a symmetrical triangle pattern in the 4-hour time frame chart. The coin price is currently facing strong rejection from the resistance line, indicating a consolidation period will remain intact.

Once the price gives a proper breakout from either side of the trendline, the crypto trader can grab a great entry opportunity with the expectation of a strong directional move. Furthermore, the Relative Strength Index(58) chart showed impressive growth in the RSI value, suggesting a better possibility of a bullish breakout.

FLOKI/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- FLOKI/USD chart by Tradingview

The FLOKI technical chart suggests even more fall for this token with a head and shoulder pattern formation in the 4-hour time frame chart. The crucial support(neckline) for this pattern is located at the $0.000244 mark.

If the token provides a proper breakdown from this bottom support, the FLOKI price is likely to drop back to the $0.000176 mark.

The Relative Strength Index(38) is clearly in support of the bears, as its chart shows a steady downtrend aiming for the oversold territory. 

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
296 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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