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November 15th Price Analysis: Dogecoin, Shiba Inu, Floki Inu


coingape.com 15 November 2021 17:56, UTC
Reading time: ~2 m

Our beloved MEME Coins provided a remarkable rally in October, teasing all those non-believers with their expensive gain. Though these coins lose the battle of value investing, they sure are some fast-moving coins that give an easy jackpot to those fortunate ones. These meme coins are currently in a retracement phase, preparing for their next destination.

DOGE/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- DOGE/USD chart by Tradingview

On October 28th, the DOGE coin price was rejected from the crucial resistance of the $0.34 mark, which resulted in a minor retracement phase. However, it seems the coin has more plans for market bears as its technical chart indicates a descending triangle pattern in the 4-hour time frame chart.

The neckline for this bearish pattern is at the $0.254 mark, providing an excellent sell opportunity for crypto traders if the price provides a decisive breakout from this bottom support. 

However, contradicting the price pattern, the Relative Strength Index(58) shows a strong bullish divergence in its chart, suggesting increasing the strength of the market buyers. Thus, it is suggested that the traders should wait for a proper breakout before entering the crypto market with a new position. 

SHIB/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- SHIB/USD chart by Tradingview

The SHIB token shows an excellent trading opportunity for crypto traders by forming a symmetrical triangle pattern in the 4-hour time frame chart. The coin price is currently facing strong rejection from the resistance line, indicating a consolidation period will remain intact.

Once the price gives a proper breakout from either side of the trendline, the crypto trader can grab a great entry opportunity with the expectation of a strong directional move. Furthermore, the Relative Strength Index(58) chart showed impressive growth in the RSI value, suggesting a better possibility of a bullish breakout.

FLOKI/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- FLOKI/USD chart by Tradingview

The FLOKI technical chart suggests even more fall for this token with a head and shoulder pattern formation in the 4-hour time frame chart. The crucial support(neckline) for this pattern is located at the $0.000244 mark.

If the token provides a proper breakdown from this bottom support, the FLOKI price is likely to drop back to the $0.000176 mark.

The Relative Strength Index(38) is clearly in support of the bears, as its chart shows a steady downtrend aiming for the oversold territory. 

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