Dogecoin is consolidating in a narrow range after a 50% drop. SHIB, on the other hand, has sunk below several broken support areas. Two technical analysts say we will see more drops for SHIB, Dogecoin and ETH after the current FTX crisis.
Tony Montpeirous: Dogecoin price looks risky
Dogecoin price continues to trade 50% below its November high. It is consolidating in a pennant-looking formation accompanied by the price movements in the recent days. The bulls’ recent attempt to break $0.090 was unsuccessful. Dogecoin formed a bearish break above the 8 EMA and 21 SMA over the weekend.
If DOGE price breaks to the downside along with the curved pennant, it could start a strong downtrend, analyst Montpeirous said. The bears’ next targets at this point will be $0.049 and $0.040.
On the other hand, whales continue to carry out their transfer operations behind the scenes. This highlights the possibility of a drop in on-chain metrics. Santiment’s number of whale transactions of over 1 million indicates significant influx in Dogecoin movement. The indicator points to the underlying emotion experienced by Dogecoin whales. Analyst Montpeirous reads these metrics as whales’ increasing short-term appetite:
Perhaps short-term profits are more appropriate in such a volatile market environment than stockpiling for long-term gains.
Considering these factors, DOGE price will have some rough days ahead. The invalidation of the bearish thesis will be confirmed once the liquidity levels rise above $0.103. If the bulls manage to break through this level, they could form a bear-trap rally targeting the November peak of Dogecoin at $0.150. Such a move would mean a 90% increase from the current Dogecoin price.
Shiba Inu price also has a distressed look
The price of the Shiba Inu is currently around 0.00000900 as the bears broke previous supports at $0.00001200 and $0.00001000 this month. The 8-day EMA has rejected the bulls’ first attempt to retaliate against the downtrend. The same indicator recorded a bearish cross just a few days ago. The new monthly low at $0.00000861 is oversold on the RSI data.
Given these factors, SHIB price will soon head towards finding strength, according to analyst Montpeirous. On the other hand, sweeping the bottoms has a chance of falling. Bearish targets are at $0.00000550, while we can see a drop to $0.00000360.
An invalidation of the bearish view is possible if the bulls push liquidity above the 21-day SMA of $0.00001100. Conquering the override level will result in a bear trap rally targeting $0.00001300. If the bulls are successful, that means a 40% rise for the Shiba Inu price.
Benjamin Cowen expects triple-digit prices on Ethereum
Twitter analyst says Ethereum (ETH) is back to its pre-bullish price level. In his current analysis, he predicted that Ethereum price would likely return to $600 for the fifth time:
We’ve talked about it all this year… If you go back to 2018, the decline Ethereum had was around 95%. I’m not saying that Ethereum will drop 95%, but even if it does, let’s say 87%, which is the value that Bitcoin fell after the 95% bear market, which would still bring Ethereum to $600.
Cowen, who you follow from Kriptokoin.com, said that he expected $ 14,000 in BTC price in the past weeks. The leading crypto is currently only $2,000 away from this level.
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