Shiba Inu (SHIB) price broke the consolidation triangle and is preparing to move higher. Dogecoin, on the other hand, shows that the 8- and 21-day simple moving averages are compressed below the current market value. Analyst Tony Montpeirous determines the levels to be followed in the short term to take a position in meme coins in this environment.
SHIB price ideal for final take?
Shiba Inu price is showing a pattern targeting the $0.00001700 region on the bulls 3-hour chart. Still, there is a possibility that the triangle is incomplete. Traders who follow Elliot Wave theory will confirm that contracted triangles can be difficult to trade. Triangles are notorious for investors capturing opportunity costs and continuing their usual sideways price action. When you think you’ve noticed a breakout, the breakout consolidates and you have to sit on the sidelines with a losing position.
Still, hesitation about breaking a triangle also results in missed opportunities. That’s because triangle breaks become very volatile at takeoff. Therefore, an entry at the current SHIB price of $0.00001138 makes sense. According to the analyst, SHIB price will see an impulsive 50% increase in the coming days.
World Famous Elliot Wave practitioner Constance Brown once said, “Placing an override below Wave A of a triangle is a safer bet.” Instead, traders can hope that these bullish signals witnessed for the Shiba Inu price are real and take a cautious risk.
Ideal levels for SHIB
The invalidation of the bullish thesis is Wave A found at $0.000000925. This setup will be a loss if the $0.00000925 level is breached. The bears will likely take control. They will then target $0.00000800. This will result in a 27% reduction from the current Shiba Inu price.
Is Dogecoin price too good to be true?
Dogecoin price is heading towards $0.12 in the very near future. Investors familiar with the popular meme coin are used to Dogecoin’s big brother rallies. Techniques suggest that the DOGE price will increase. But it’s still hard to detect if there’s a definitive bottom.
DOGE price is currently trading at $0.07. This is because the bulls have recaptured the 8 and 21-day simple moving averages. Meanwhile, the SMAs getting stuck below the current market value is a positive sign. According to the analyst, it may be the catalyst that triggers the expected bull run in the coming days.
In terms of reward-risk, entry at $0.07 yields approximately three times higher returns than more traditional positions. That means buying the breakout at $0.078. Still, investors should be aware of the chances of a liquidity hunt targeting the $0.05 area. Thus invalidating the bullish trend stays at $0.04914. However, risk-averse traders can make an early entry with a tighter invalidation level at $0.06162. If $0.6162 is broken, the $0.05 zone will be an ideal entry level.
However, if $0.04914 is broken, investors should close their positions immediately as DOGE price could drop as low as $0.02.
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