Dogecoin and Shiba Inu: Dogecoin breaks below 0.12400

Dogecoin chart analysis

Over the weekend, the price of Dogecoin managed to hold and gain support at the 0.12000 level. With another bullish consolidation on Sunday, the price climbs to 0.12500, crossing above the EMA200 moving average. Monday morning sees the formation of a new high at the 0.12750 level. We didn’t have the strength for further growth, and Dogecoin began to retreat. We are now again below the EMA200 moving average, which paints a negative picture for continued recovery.

With this pressure, the chances of falling to a new low and thus confirming the continuation to the bearish side increase. Potential lower targets are 0.12200 and 0.12100 levels. If we get back above the moving average and get its support, Dogecoin could start a bullish consolidation. Potential higher targets are 0.12600 and 0.12700 levels.

Shiba Inu chart analysis

Last week, the Shiba Inu price pulled back to a new low at the 0.00001634 level. After the formation of support at that level, the price started a recovery to 0.00001824. That’s where we encountered resistance and failed to continue on the bullish side. Additional resistance in that zone was the EMA200 moving average. On Sunday, the Shiba Inu price dropped to a new low at 0.00001660. From the new support level, a bullish consolidation was initiated up to 0.00001760, where we met the EMA200 again.

Again, we failed to move above and began to retreat. Today’s support is in the zone of 0.00001700 levels, and if we fall below, we go to a new daily low. Additional pressure on the current level is created by the weekly open price, which keeps us on the negative side. Potential lower targets are 0.00001680 and 0.000001660 levels.

The post Dogecoin and Shiba Inu: Dogecoin breaks below 0.12400 appeared first on FinanceBrokerage.