Economy 28-05-2024 10:55 7 Views

Dogecoin and Shiba Inu: Dogecoin bounced back to EMA200

Shiba Inu 

Dogecoin and Shiba Inu: Dogecoin bounced back to EMA200

  • Over the weekend, Dogecoin price climbed to a new May high at the 0.17500 level.
  • The Shiba Inu price climbed to 0.00002621 levels on Monday.

Dogecoin chart analysis 

Over the weekend, Dogecoin price climbed to a new May high at the 0.17500 level. After forming a new high at that level, there is a pullback to the 0.16500 level of support. The price from there launched a new resistance yesterday, but this time only up to 0.17350. A lower low was formed compared to the weekend. This is a bearish confirmation, followed by a pullback to a new low at 0.16300.

We are testing the EMA200 moving average and successfully holding above for now. Dogecoin is still under pressure, which could produce another bearish impulse. This leads to the formation of a new lower low position and increases the bearish pressure on the price. Potential lower targets are 0.16000 and 0.15500 levels. If Dogecoin manages to hold above the EMA200, it could initiate another positive consolidation.

Dogecoin chart analysis 

 

Shiba Inu chart analysis

The Shiba Inu price climbed to 0.00002621 levels on Monday. After forming the weekly high, the price loses momentum in that zone and starts to retreat. Today’s picture is also bearish as the decline from yesterday continued. The price retreated to the 0.00002447 level. We were close to testing the weekly open price at the 0.00002431 level. With support at this morning’s low, the Shiba Inu is back above the EMA200 and the 0.00002480 level. 

It is necessary to stay here if we plan to start with a positive consolidation. Moving above 0.00002500, we get support and the EMA50 of the moving average. After that, the price will have a good chance to start a bigger recovery. Potential higher targets are 0.00002520 and 0.00002540 levels.

Shiba Inu chart analysis

 

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