The cryptocurrency market started April with a slight correction, while ApeCoin, Dogecoin and Shiba Inu continue their highly volatile price action. Which levels will be critical this week? Let’s examine the current technical analysis to answer…
ApeCoin offers two strong opportunities, one for the bulls and one for the bears
The price of ApeCoin (APE) is volatile with little evidence of an upcoming uptrend. continues. According to veteran analyst Jonathan Morhan, the hypothetical long position for Apecoin is entry of 13.30, a stop loss of 12.60 (SL) and a profit target of $16.80. The transaction represents a 5:1 reward for risk. A trailing stop of two to three boxes for the price of
ApeCoin (APE) can help protect any profits made after entry. If a new Os column is reached before the entry is triggered, the long position will be invalid. On the short side of the trade, a theoretical position for ApeCoin price is $12.60 entry $13.40 stop loss and $9.20 target. This position idea has a 4.25:1 reward for risk with a profit target of around 27% from entry.
Shiba Inu price strengthens as bulls find support in daily trend
Shiba Inu price managed to break the 100-day moving average during the rally before falling below it during yesterday’s sell-off. It is worth noting that choppy price action around prominent moving averages is common. Therefore, the bulls were still able to maintain their strength.
On the technical side, SHIB provides a bullish confluence on the 6-hour chart. First, the daily trend channel was successfully breached during the 15% rally. Second, the current price around $0.002630 is hovering above the median line of the parallel channel. Finally, the RSI bottomed out at 40. With these bullish signals, bears looking to short the notorious meme token should be more careful. An invalidation of the bullish setup would be a break below the parallel trend channel at $0.00002280. If that happens, the overall trend will be considered a failure. The bulls will likely send the Shiba Inu price to $0.000002000 and $0.00001950 which will result in a correction of up to 25% from the current SHIB price.
“There must be another fluctuation in the price of DogeCoin”
According to FXStreet analysts, whose analysis we shared with Kriptokoin.com, this is because Dogecoin broke up from a parallel remnant last week. DogeCoin fooled investors this week as the price momentarily surpassed retracement zones. It has rallied since last week’s thesis, forming a new local top at $0.1544. Analyzing the rally on the 2-day chart, it appears to have broken the parallel trend channel, according to analysts. Traders can expect more sideways price action and potential pullbacks to the $0.12 region before Dogecoin price extends the 5th Elliott wave at $0.16.
Additionally added bullish confluence from the Fibonacci projection indicator. The 261.8% Fib level is a common target for fifth wave impulses and it is currently seen at $0.1674. The mid-$0.16 region marks a 20% rally in the coming weeks for DOGE, which has created a risk/reward ratio of 1.75 from today’s current price of $0.1387. Traders looking for an early entry opportunity can watch for buy signals and evaluate the $0.1219 region amid the current bearish correction. If the $0.1219 level is broken, the overall uptrend will be considered a failure. The bears will likely send Dogecoin to $0.11 and potentially the historical trend of $0.09, resulting in a 27% collapse from the current DOGE price.
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