Dogecoin bulls are waiting for the right moment to push DOGE price to the exit. Dogecoin price saw bulls rejection after failing to break above R1 on Monday. DOGE price is supported by two factors and could see bulls flocking to build momentum for an exit. On the other hand, according to analyst Filip L., the Shiba Inu price uptrend is not over yet, with SHIB targeting $0.0007. Shiba Inu price is taking a breather as the RSI signals overbought. Details cryptocoin.com‘in.
What will DOGE do?
Dogecoin price continues to slowly rise after being rejected by the monthly R1 resistance level for the second time this month. As the bulls start adding more DOGE to their positions, the momentum for an exit is building. If the breakout is successful, the first resistance the bulls will face will be around $0.3, which goes back to mid-June. Dogecoin price sees bulls building momentum for a retest of $0.35. Dogecoin price failed to benefit from any of the positive news from Tesla, Elon Musk, and the Nasdaq index. Instead, DOGE price saw the bulls reject yesterday after attempts to break above the monthly R1 resistance at $0.29. With today’s slight bearish, the bulls remain optimistic and are using this opportunity to add more volume to their long positions and it looks like a breakout will happen soon.
DOGE price gives the bulls a good technical reason to hold off long at the historical $0.26 level and bounce off the red descending trendline from August 17. If this does not continue, the bulls can trade slowdowns with the monthly pivot, with the 55-day Simple Moving Average around $0.24, both seen as supportive elements. Once the breakout occurs, expect the bulls to reach $0.35 first, then $0.45; the second includes a 76% gain from the current DOGE price level.
Expect cryptocurrencies to drastically correct if global markets start to drop on concerns or if a global spike in Covid cases puts certain key regions back in quarantine. DOGE price would see bulls and bears fleeing the scenes come in and push the price action towards the green ascending trendline. A break below will push the price action back to $0.13.
SHIB in decline
The Shiba Inu price uptrend is not over yet, with SHIB targeting $0.0007. Shiba Inu price is taking a breather as the RSI signals overbought. SHIB price has seen additional headwinds from the Nasdaq, Tesla and Bitcoin with spillover effects. Plotting Fibonacci retracements reveals where price might go next in this uptrend. SHIB price is taking a breather today, but offering the bulls an opportunity to add to their SHIB positions. A Fibonacci retracement from the all-time low reveals that there is still 83% more gains in the uptrend, potentially targeting $0.00007364.
Traders who buy the Shiba Inu price at $0.00002775 will see that their position has profited by about 61%. Since the price of the Shiba Inu took a pit stop around $0.00004465, new buyers and buyers looking to re-enter the game have the option at $0.000004000. SHIB price has broken this level twice before, but today it is respected as support with bulls defending the level to keep the uptrend alive.
The monthly pivots for SHIB price do not seem to have played a role in the uptrend. However, it is another story where the 50% Fibonacci level fell to $0.00003999 and both 61.8% and 78.6% fell relative to key historical levels in May. With that in mind, the next profit level is likely to be at the 38.2% Fibonacci level around $0.00004761 and eventually $0.00007364, which means that entering today could offer 83% gains in the future.
According to the analyst, the Shiba Inu price may start to decline as the current rally is dependent on many outside headwinds. If one or all of these start to decline, expect a quick nose dive to $0.00003153 as the first real support in the price action. If global markets shift completely to risk-off, expect cryptocurrencies to be the first coins to be issued in the portfolio change and the SHIB price to reach $0.000002008.
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