As the crypto market continues crashing this has made bitcoin, altcoins and memecoins suffered a great decline in their prices as traders and investors try to stay away from the market. Crypto market analyst Rekt Capital further explains: “If BTC can’t reclaim the 200-week MA as support… Then one of the scenarios of what could happen would involve downside to new lows before the formation of an Accumulation Range for the first time below the 200-week MA”. With the way the market is crashing traders and investors are waiting for the best time to start accumulating their favorite memecoins.
The Dogecoin(DOGE) price has been stuck between the $0.05 and $0.063 barriers for a week now. The consolidation may bring a directional rally once it breaks out from either of its extreme levels. Anyhow, the RSI indicator suggests growth in bullish momentum, indicating a better possibility of a $0.63 breakout. Responding to widespread uncertainty in the crypto market, the DOGE buyers temporarily stalled the ongoing pressure at $0.075. From 11th May to 10th June, the coin price wobbled in a short-range, stretching from the $0.0935 to $0.075 barriers. However, June’s second-week sell-off triggered the $0.075 fallout and plummeted the DOGE price by 32.75%. As a result, the downslide reached a 25th March 2021 support of $0.05.
Furthermore, the DOGE resonated between the $0.063 and $0.05 mark for more than a week. The double retest to both these barriers validates another consolidation in price action. This trading set-up should offer another entry opportunity for traders interested in Dogecoin. Therefore, if memecoin breach the overhead resistance of $0.063, the buyers may drive a relief rally to the $0.075 or under a strong bullish scenario of $0.093.
Alternatively, the $0.05 fallout could sink the DOGE coin to $0.04 psychological support.
Since May, the DOGE price has been trading between the mid and lower band of Bollinger band indicators, suggesting aggressive selling in the market. However, the coin price hovering above the lower band support encourages the reversal theory. Amid the ongoing consolidation, the daily-RSI slope rallying higher indicates the buyers are wresting control from sellers. This divergence reflects a better possibility for a $0.063 breakout.
- Resistance levels- $0.063 and $0.075
- Support levels- $0.05 and $0.04
Shiba Inu Analysis
Shiba Inu continues to trade in a triangle pattern with support near $0.0000087, according to its weekly chart. While the price is looking set for incoming price movement within the triangle formation, the momentum indicators, especially the RSI, have flattened slightly above the 30 mark, suggesting the possibility of range trading. Shiba Inu dipped to lows of $0.0000087 in the past week before slightly recovering. After intense selling pressure, buyers deemed Shiba Inu oversold and thus responded by pushing SHIB to highs of $0.000012. Despite the recent declines, Shiba Inu has added new holders. According to WhaleStats, the total number of SHIB holders is currently 1,162,394. The meme cryptocurrency also recently hit the milestone of 3.3 million Twitter followers.
- Resistance levels- $0.00001 and $0.000011
- Support levels- $0.000009 and $0.000008
The Graph(GRT) price surpasses the long-coming resistance trendline with a reversal from the $0.093 support level. The increased demand for the altcoin brings a reversal as the overall market takes a break from the falling trend. Will GRT buyers capitalize on this halt in the bear market to reach the $0.15 mark? On June 11th, the GRT sellers breached the $0.128 price action level resulting in the descending triangle breakout. However, the fallout rally failed to drive the price far from $0.10 as the trend took a bullish turnaround from the $0.093 mark. The bullish turnaround surpasses the resistance trendline and forms a rounding bottom reversal pattern with the neckline at $0.128. The reversal starts after a series of long-tail candles and propels the GRT price by 27% higher in the last four days.
On the opposite end, the failure to surpass the overhead resistance can result in a sideways trend between $0.10 and $0.128.
MACD indicator: The fast and slow lines regain the bullish alignment and undermine the previous bearish crossover. The resurging bullish histograms represent a surge in buying pressure and add points to the bullish breakout theory.
Bollinger Bands: the bullish reversal launches from the lower band and prepares to take on the midline.
- Resistance levels- $0.15, and $0.2
- Support levels are $0.1 and $0.093
In a tweet on June 20, Binance CEO “CZ” remarked that anyone who bought the pioneer crypto when the public consensus was that “bitcoin is dead” got a greater return on investment. Furthermore, the bottom is reached when people lose hope of a BTC recovery. Bitcoin is a great buy-the-dip opportunity at these prices. The Binance CEO, however, cautioned that he was not endorsing this or any other technique in the future. Many people believed the Bitcoin bubble will collapse when the price of the cryptocurrency rose above $65,000. Speculative bubbles have already occurred in 2011, 2013, 2017, and 2021-22.
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