Crypto analyst Filip L says that while global markets don’t have much to support, the Shiba Inu (SHIB) has many technical reasons to rise. Another crypto analyst, Akash Girimath, states that Dogecoin (DOGE), which retests the $0.128 support level, may complete its triple bottom setup. We have compiled the analyzes of Filip L and Akash Girimath in their own words for the readers of Kriptokoin.com.
“Shiba Inu (SHIB) is preparing for a bullish breakout”
Shiba Inu (SHIB) price action is currently supported by the 55-day and 200-day Simple Moving Average (SMA) at 0.00002640 The dollar is just below a very important historical high. Bears face a massive dam that is impossible to break, as a large number of buyout offers await at these three levels. When good news comes out of Ukraine or central banks take a step back from the hawkish tones, expect the bears to see their shorts lost, triggering a massive burst rally to $0.00004000.
SHIB has all the ingredients for a solid rally as various technical supporting elements are lined up. Weekly price action on SHIB was supported by the 55-day and 200-day SMAs, both of which are just a few cents apart. If that didn’t work, the historical level of $0.00002430 would certainly do the trick as a new monthly pivot.
When the SHIB bulls are set to soar into the sky, only one element is missing that is the catalyst to burn the dynamite. With some slightly positive news about Ukraine on Monday, SHIB could trade with the monthly R1 resistance level at around $0.00003173. Very positive news may be that a peace agreement has been reached or that Russian troops have withdrawn completely. In this case, SHIB could trade at $0.00003535. Because the end goal will be $0.00004000 for the Monday opening when all major futures are opened.
If the news comes from the other side during the weekend, a more negative outcome could occur on Monday. Headlines about crossfire, more mortars and shelling cause the Shiba Inu to trade for around $0.00002640.
“Dogecoin price faces a decisive moment”
Dogecoin price signals a trend reversal as Dogecoin price approaches a vital support base. A retest of this barrier could complete a bottom reversal pattern for DOGE that started the uptrend. DOGE has been trading below the descending trendline since December 1, 2021. Additionally, DOGE continues to recover as it is stuck between this hurdle and a $0.128 support level.
Also, another retest of $0.128 will create a bottom reversal pattern known as a triple bottom. This technical formation indicates that the downtrend of DOGE has ended and a new uptrend is just around the corner. Therefore, investors can position themselves to take advantage of this next process.
As for the increase, DOGE will likely retest the weekly resistance barrier at $0.163. If buy orders continue to pile up, the meme coin could stretch and tag the $0.194 barrier, bringing the overall gain from 26% to 51%. If such a development occurs, there is a good chance that market makers will push DOGE above $0.215 to rally the buy-stop liquidity standing above the even highs.
The bullish outlook detailed above looks plausible, but is based on the assumption that Dogecoin price has managed to bounce off the $0.128 support level. Not seeing a bullish response could indicate a worsening situation for DOGE. A daily candlestick near $0.128 will create a lower low, invalidating the bullish argument. In this case, DOGE could potentially collapse 42% and revisit the $0.074 support level.
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