Dogecoin and Shiba Inu: Dogecoin pulled back to a new low
The Dogecoin price fell to 0.08050 yesterday, forming a new six-month low.
During the weekend, the Shiba Inu price was in a bearish consolidation, forming a weekly low at the 0.00001300 level.
Dogecoin chart analysis
The Dogecoin price fell to 0.08050 yesterday, forming a new six-month low. After that, we managed to see the price stabilize above 0.08500. After that, a bullish consolidation up to the 0.09500 level was initiated. We received new support this morning to continue on the bullish side. This initiated a bullish impulse and a jump above the 0.10000 level. Here, we find support at the EMA 50 moving average and are successfully holding above that line for now.
Potential higher targets are 0.10500 and 0.11000 levels. We will have higher resistance at 0.11000 in the EMA 200 moving average. We need a negative consolidation and a drop below the 0.09500 level for a bearish option. With this, we move below the daily open price to the negative side, which confirms the strengthening of bearish pressure on the price of Dogecoin. Potential lower targets are 0.09000 and 0.08500 levels.
Shiba Inu chart analysis
During the weekend, the Shiba Inu price was in a bearish consolidation, forming a weekly low at the 0.00001300 level. On Monday, there was a sharp strengthening of bearish momentum, and a stronger bearish consolidation was initiated to a new low of 0.00001079. After that, the price managed to stabilize there and stop further decline. From there, a new bullish consolidation was initiated, and the recovery has continued today.
A new weekly high was formed this morning at the 0.00001400 level. The EMA 50 moving average supports the Shiba Inu, and we expect to see further growth on the bullish side. Potential higher targets are 0.00001450 and 0.00001500 levels. For a bearish option, we need a negative consolidation and price pullback below the 0.00001300 level. This brings us back below the EMA 50 and the weekly open price. This leads to growing bearish pressure, and we can expect a continuation of the retreat to lower levels. Potential lower targets are the 0.00001250 and 0.00001200 levels.
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