According to crypto analyst Filip L., Dogecoin (DOGE) has not been in a sweet spot for buyers and investors since mid-August, and Shiba Inu (SHIB) created the perfect scenario for a bull trap two weeks ago. Experienced analyst’s DOGE and SHIB analysis cryptocoin.com we have compiled for you.
“Dogecoin (DOGE) price faces critical resistance barrier”
Analyst Filip L. says price action in DOGE has traded downwards in favor of sellers after buyers’ failed attempt to close above $0.35. The analyst makes the following analysis, stating that sellers are seeing more downward pressure with the second test of $0.21:
Dogecoin price is getting more and more technical indicators on the bearish corner, making a case for another push to the downside. A failed attack by buyers on the red descending trendline last week caused buyers to escape their long lead as sellers pushed DOGE price action down 30%. The bears stopped from buyers who placed their stops below the 55-day and 200-day Simple Moving Average (SMA). This caused the price action to quickly drop to $0.21.
Meanwhile, according to Analyst Filip L., buyers are trying to stabilize price action in DOGE, but a bull trap is also starting to form. The analyst notes that the bulls seem unable to extend the price action above $0.26, with the 55-day SMA just below adding an upper cap to the price action, thus limiting any upside potential.
Analyst: DOGE’s final price target for sellers will be $0.14
Analyst Filip L., after advising “Wait for the price action in DOGE to fade and start to drop to $0.21,” adds that this level looks rather bleak in terms of strength. Filip L. continues his analysis as follows:
The monthly S1 support at $0.19 might help a bit. But the final price target for sellers will be $0.14. This level was the lowest since mid-April, and apart from the drop in June, price action has not been around these lows for the past few months. If buyers avoid the bull trap and break above $0.26, volume will add to the higher price. Still, the red uptrend line on the upside will limit further profits unless a positive tailwind acts as a catalyst for an uptick in belief and sentiment next week.
“Shiba Inu (SHIB) price has hit a new high since summer and wants to add another 30%”
Crypto analyst Filip L. said that Shiba Inu (SHIB) created the perfect scenario for a bull trap two weeks ago, the week after that price action made new lows in the Shiba Inu asset, and buyers’ portfolios and long-term portfolios in SHIB. Noting that they used the lucrative move to get some SHIB for products, he makes the following analysis:
The Shiba Inu price turned in buyers’ favor after the love between the bulls and the SHIB fell to an all-time low since the bull trap two weeks ago. The bulls were tempted to buy SHIB at $0.00000760. The week after that, an attempt to reverse the price action back to the dotted descending trendline or monthly R1 pivot at $0.00000900 failed. Instead, buyers got rid of their long positions and the price declined below $0.00000550.
Saying that this event allowed buyers to step in and buy some SHIB at a very attractive discount, the analyst says this renewed love between the Shiba Inu and the bulls was confirmed by some solid buying in the price action this week, reaching a new high since July.
According to analyst Filip L., it will be important to see if buyers can keep the price action above the dotted descending trendline next week and a close above this week could help as a starting point towards $0.00001115. The analyst states that this is the first fundamental level of importance and has not been sufficiently tested yet, although there have been several resistances around this level from previous months. Filip L. ends his analysis as follows:
If the sellers fail to close this above $0.0000760, wait for another bull trap to take effect. You can see the buyers withdraw their money from the Shiba Inu (SHIB) again, leaving the price action in the hands of the sellers. Then a retest of $0.00000500 becomes inevitable.
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