According to analystsdollars, Dogecoin went through a possible bearish process over the weekend. Shiba Inu (SHIB) fell asleep again after a short excitement after the news of Coinbase listing. Analisdollarser calls this the “Coinbase Effect”. Now, we take a look at the technical levels of both memecoins. Let’s start with the targets of the Dogecoin bears…
Dogecoin bears await $0.185 test
According to technical analysis, the closest support level for Dogecoin is the $0.185 area. Below $0.185, there is a 100% Fibonacci expansion at $0.125. However, $0.125 is very likely not to remain a solid support area. Judging by the volume profile, there is a huge volume pit between $0.16 and $0.08 and Dogecoin has traded almost nothing in this price range. If we assume that the ATH level for DOGE is the end of the Grand Supercycle in Elliot Wave Theory, then we can predict where the first ABC correction wave will end. Wave 2 is typically 50% vs 61% of Wave 1. 8, 76%. Knowing it is 4 or 85.4%, the next support zone is well below the $0.125 level.
The possible endpoint for wave C is the region between $0.051 and $0.066. 50% Fibonacci retracement from this area, 161%. There are 8 Fibonacci extensions, Senkou Span A, Senkou Span B and 2021 VPOC. Additionally, the hidden bearish divergence between the RSI and the Composite Index indicates that the probability of Dogecoin price reaching $0.066 is very high. Still, bears should not overly rely on ticks, according to analisdollarser. DOGE price could find support in the $0.125 range. Additionally, if the Dogecoin bulls can close the price above the mid-point price of the last 26 weeks at $0.402, the bearish scenario will be invalid.
Shiba Inu (SHIB) investors expect price increase after Coinbase announcement
After the May 2021 meltdown, the overall cryptocurrency market started to recover and the altcoin rally extended to the Shiba Inu. From July to mid-August, SHIB rallied over 50%, but has since recorded consistent losses for its investors. Now, the world’s largest cryptocurrency exchange Coinbase has announced the listing of SHIB, and analystsdollarser is calling it the “Coinbase Effect” as the SHIB price recovery was short-lived.
SHIB technical analysis
The crash on September 7 resulted in a drop in the price of SHIB by about 30% in a single day. Cryptocoin. com The Coinbase listing announcement acted as a catalyst for the SHIB price to recover the next day. SHIB’s debut on the exchange was accompanied by a surge in price and analisdollarser expects memecoin to rebound to $0.000013.
Also, on-chain indicators for SHIB show a reversal of the uptrend. The number of large transactions worth $100,000 or more has increased over the past week. Based on data from blockchain data platform IntoTheBlock, a total of $830.89 million worth of large-value transactions were processed on the SHIB network. The indicator measures a total daily trading volume of over $100,000, reflecting the series of big wallet investor activitydollars. Now, analystsdollarser are looking for upside pressure by setting their next price target at $0.00000850. SHIB is predicted to compete for a 30% rise after breaking the key support level.