According to crypto analyst Filip L., Dogecoin (DOGE) has not been in a tadollary spot for buyers and investors since mid-August, and Shiba Inu (SHIB) created the perfect scenario for a bull trap two weeks ago. Experienced analyst’s DOGE and SHIB analysis Cryptocoin. com we have compiled for you.

“Dogecoin (DOGE) price faces critical resistance barrier”

Analyst Filip L. says price action in DOGE has traded downwards in favor of sellers after buyers failed to close above $0.35. The analyst makes the following analysis, noting that sellers see another downside pressure if the second tesdollar of $0.21:

Dogecoin price is getting more and more technical indicators on the bearish corner, making a case for another push to the downside. A failed attack by buyers on the red descending trendline last week caused buyers to escape their long lead as sellers pushed DOGE price action down 30%. The bears have stopped from buyers who have placed their stops below the 55-day and 200-day Simple Movementollary Average (SMA). This caused the price action to quickly drop to $0.21.

Meanwhile, according to Analyst Filip L., buyers are trying to stabilize the price action in DOGE, but a bull trap is starting to form. He notes that the bulls seem unable to extend the price action above $0.26, with the 55-day SMA just below adding an upper cap to the price action, thus limiting any upside potential.

DOGE weekly chart

Analyst: DOGE’s final price target for sellers will be $0.14

Analyst Filip L. advises that “wait for the price action in DOGE to fade and start to drop to $0.21,” adding that this level looks pretty gloomy in terms of strength. Filip L. continues his analysis as follows:

The monthly S1 support at $0.19 might help a bit. But the final price target for sellers will be $0.14. This level was the lowest since mid-April, and apart from the drop in June, price action has not been around these lows for the past few months. If buyers avoid the bull trap and break above $0.26, volume will add to the higher price. Still, the red uptrend line on the upside will limit further profits unless a positive tailwind acts as a catalyst for an uptick in faith and sentiment next week.

“Shiba Inu (SHIB) price has hit a new high since summer and wants to add another 30%”

Crypto analyst Filip L. noted that Shiba Inu (SHIB) created the perfect scenario for a bull trap two weeks ago, the week after that price action made new lows in Shiba Inu’s asset and buyers’ portfolios and long-term portfolios in SHIB. Noting that they used the lucrative move to get some SHIB for products, he makes the following analysis:

The Shiba Inu price turned in favor of buyers after the love between the bulls and the SHIB was at an all-time low since the bull trap two weeks ago. The bulls were tempted to buy SHIB at $0.00000760. The week after that, an attempt to reverse the price action back to the dotted descending trendline or monthly R1 pivot at $0.00000900 failed. Instead, buyers got rid of their long positions and the price declined below $0.00000550.

Saying that this event allowed buyers to step in and buy some SHIB at a very attractive discount, the analyst states that this renewed love between Shiba Inu and bulls has been confirmed with some solid purchases in the price action this week and has reached a new high since July.

SHIB weekly chart

According to Analyst Filip L., it will be important to see if buyers can hold the price action next week above the dotted descending trend line and a close above this week could help as a starting point towards $0.00001115. The analyst states that this is the importance level of the first foundation and has not been sufficiently tested yet, although there have been several resistances around this level from previous months. Filip L. ends his analysis as follows:

If the sellers fail to close this above $0.0000760, wait for another bull trap to take effect. You can see the buyers withdraw their money from the Shiba Inu (SHIB) again, leaving the price action in the hands of the sellers. Then a retest of $0.00000500 becomes inevitable.

Like it? Share with your friends!

Michael Lewis


Your email address will not be published. Required fields are marked *