Buyers of SHIBs Have a Plan To Get Out Of The Falling Channel
The SHIB price was reverberating in a falling wedge pattern for the entirety of its correction rally. The bears were selling on rallies and driving the token down to lower levels, using the resistance trendline as a guide. The token price has dropped by 80% from its All-Time High of $0.00008845 to the recent lower low of $0.00001715.
Today, the buyer finally pierced the falling trendline, signalling the beginning of the correction phase’s finish.
The technical chart, on the other hand, reveals that purchasers must still overcome the immediate hurdles of the 20, 200-day EMA, and $0.00002542 horizontal resistance. If buyers were able to conquer this simultaneous resistance, the SHIB price would be better positioned for a trend reversal.
If sellers defended these levels, the token price would re-enter the downward channel and perhaps plunge to $0.000017, contrary to popular belief.
Floki Inu (FLOKI): Bullish Recovery Requires Descending Trendline Breakout
FLOKI purchasers have been subjected to severe selling on a sinking trendline since the decline began in November 2021. Bears have benefited immensely from this dynamic trendline, which has allowed them sell on rallies and slip to the current low of $0.0000145. The memecoin has lately fallen below the intraday low ($0.00005) set on October 27th, indicating that more misery is on the way in the coming days.
The daily candle, on the other hand, displayed a protracted lower price rejection on January 23rd, indicating that traders are buying at this support. The coin has a stronger chance of a positive reversal if bulls can breach and sustain above the declining trendline.
The slope of the Relative Strength Index(22) has fallen into oversold zone, indicating that the coin price can be purchased at a significant discount.
Is The Support Level Fakeout Beneficial To DOGE Buyers?
The Doge price has been stabilising in a narrow range for the previous two months, ranging between $0.216 and $0.14. However, on January 21st, the sellers were able to push the price below the bottom support, implying that the bearish trend on DOGE will continue.
However, sellers were unable to push the currency below $0.12 even after two weeks of retesting, allowing purchasers to climb back into the consolidation zone, indicating a fakeout.
The bulls would re-challenge the $0.14 to start a recovery phase if purchasers could keep the coin above $0.12.
With MACD and signal line bullish crossover in the negative region, the moving average convergence/divergence indicator projects a buy signal.