Crypto analyst Akash Girimath says that Dogecoin (DOGE) bounced back after being rejected at a hard resistance level, this correction could extend lower and will be looking for a launch pad that will take DOGE higher. Also, the analyst said that Shiba Inu (SHIB) saw a major uptrend on Sept. 16, but soon pulled back in the next few days as it neared a stable support base, prompting investors to see SHIB bounce off from here and retest key resistance hurdles. He says they can wait. Cryptocoin. com, we have compiled Akash Girimath’s DOGE and SHIB analysis for you.

According to the analyst, DOGE will form a bottom return pattern

Dogecoin has dropped 38% from September 7 to where it is now, at $0.201. The crypto analyst says that this downtrend has sliced ​​the demand zone ranging from $0.213 to $0.230 and attempts to retrace it have failed as the buying pressure has been insufficient.

Akash Girimath points out the following technical levels, noting that DOGE hovers above the $0.193 support base in hopes of another hit at the aforementioned resistance barrier, and a potential increase in buying pressure that clears this barrier could potentially initiate an uptrend:

DOGE will first face the $0.256 and $0.268 resistance levels. This rise from $0.179 to $0.268 represents a 50% rise. While these blockades will not be easy to overcome, doing so will allow the meme coin to scale higher and be valued at $0.314.

DOGE 1-day chart

Although a pullback to the support bases of $0.179 or $0.160 is expected, investors should watch out for Dogecoin’s selling pressure lowering it below $0.160. The analyst says that such a development will invalidate the bullish thesis as there will be a lower bottom and continues his analysis:

However, there is a possibility that this drop could manipulate market makers to gather the sell-stop liquidity below $0.160. In this case, a fresh bull rally could start by pushing DOGE to resistance levels such as $0.213, $0.23 or $0.268.

Shiba Inu price break on the horizon do you have?

Noting that the Shiba Inu (SHIB) rose 54% from September 13 to September 17, but failed to sustain the uptrend, crypto analyst Akash Girimath says that this failure of the buyers eventually led to a pullback to the $0.0000654 support level.

Now, SHIB is bouncing off this platform and awaiting a retest of the emergency ceiling at $0.00000768, according to the analyst. Akash Girimath continues his analysis, noting that if buyers manage to break through this blockade, SHIB is likely to trade in at $0.00000835, which represents a 20% rise:

In a bullish scenario, the rise could extend to the midpoint of the trading range at $0.00000882. SHIB bulls have failed to break through this barrier and have been rejected not once but six times in the last 105 days. Therefore, this ceiling will be a formidable barrier of resistance.

SHIB 1-day chart

On the other hand, if SHIB fails to gain momentum, there is a chance to retest the $0.0000654 or $0.00000625 support barriers, pointing to the following levels:

A firm close below $0.00000625 is unlikely and could lead to a retest of the low-$0.00000549 range. However, if SHIB breaks below $0.00000549, it will form a lower bottom and invalidate the bullish argument. In this case, SHIB could go to $0.00000420, the high of April 20.

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Michael Lewis


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