Dogecoin and Shiba Inu: New Support and Resistance Levels
- Dogecoin’s price managed to recover to 0.11160 on Wednesday
- On Wednesday, the Shiba Inu price fell to a new weekly low of 0.00001675
Dogecoin chart analysis
Dogecoin’s price managed to recover to 0.11160 on Wednesday. We encounter resistance at the weekly open level, from where we started to pull back again. The price dropped below the EMA 200 moving average and the 0.11000 level. That only added to the bearish momentum and pushed Dogecoin to the 0.10750 level. If the bearish consolidation continues, the price could drop into this week’s support zone.
Potential lower targets are 0.10600 and 0.10500 levels. A bullish option requires Dogecoin to initiate a bullish consolidation above the 200 EMA and 0.11000 level. With that step, we get the support of the EMA 200 to continue to the bullish side. After that, the price has an opportunity to start a recovery and return above the weekly open level. Potential higher targets are 0.11100 and 0.11200 levels.
Shiba Inu chart analysis
On Wednesday, the Shiba Inu price fell to a new weekly low of 0.00001675. We are currently near the weekly low below the previous support at 0.00001700. The bearish momentum is very strong, and we expect a further pullback to a new low. Potential lower targets are the 0.00001660 and 0.00001640 levels.
For a bullish option, Shiba Inu’s price must first stop the current decline. After forming new support, we will have the opportunity to initiate a bullish consolidation. The first objective is to return above the EMA 200 moving average and the 0.00001750 level. Then, it is necessary to hold the price there before starting a further recovery on the bullish side. Potential higher targets are 0.00001800 and 0.00001850 levels. It is important to get back above the weekly open level in order to get Shiba Inu back on the positive side.
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