At the beginning of this week, Bitcoin experienced stable performance over the weekend, while Shanzhai Coin continued to bear losses and experienced significant adjustments, indicating a possible bearish trend. This adjustment has affected some popular meme coins, such as dog coins and firewood coins, which have become the biggest losers of the day
At the beginning of this week, Bitcoin experienced stable performance over the weekend, while Shanzhai Coin continued to bear losses and experienced significant adjustments, indicating a possible bearish trend. This adjustment has affected some popular meme coins, such as dog coins and firewood coins, which have become the biggest losers of the day. With Bitcoin prices remaining around $27800, people are beginning to pay attention to whether these tokens will further test lower levels of support.
Price Analysis of Dogcoin (DOGE)
The price of dog coins has fallen again and is currently testing key support areas, between $0.567 and $0.571, marking the third test in 2023. Since the last quarter of 2022, the price of dog coins has been fluctuating around a decreasing triangle. If the price approaches the peak of a bearish trend, then a significant price action seems imminent.
Although there is no clear technical direction for a bullish reversal, bulls seem to be gradually strengthening. The Average Direction Index (ADX), used to measure the strength of trends, is attempting to rebound from mid-term lows. This indicates that the momentum of the rebound is increasing and may trigger a rebound in the coming hours. At this point, the price is already close to the liquidity zone, so there is a greater possibility of a reversal of the bullish trend and breaking through $0.6.
Price Analysis of Chaigou (SHIB)
Unlike most cryptocurrency markets, the price of Chaigou (SHIB) has been on a downward trend since the beginning of the year. Trading in a wedge-shaped pattern where prices have been declining shows a pessimistic long-term trend. However, we also noticed that there is solid support in the price around $0.00000648, which may to some extent stop the decline.
In the coming days, we expect prices to continue to decline and may test support levels of $0.0000065 or lower. Considering the relatively strong selling pressure and RSI indicators reaching oversold levels, the rebound in these price levels may have a significant impact on SHIB prices. As the month approaches its end, there is a high possibility that prices will break through the resistance level above, and a level close to $0.000008 will become crucial.
In short, the price of Chaigou is currently facing downward pressure, but we cannot rule out the possibility of a price rebound even when it is close to support and oversold. We need to closely monitor market dynamics, especially whether the upper resistance level can be broken through.
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