According to analyst Sarah Tran, Dogecoin price is poised for a 64% rally and there may be one last hurdle it must overcome before its bullish target is met. On the other hand, SHIB seems to be floating in a continuation pattern as it lacks clarity of direction following the drop in trading volume. According to Tran, from the following technical levels
Dogecoin price will try to break through one last hurdle
With the bulls breathing, Dogecoin price formed a symmetrical triangle formation on the daily chart. While DOGE is consolidating, its price is supported by several key technical indicators, indicating that the token is ready to aim higher. If the dominant chart manages to slice above the upper boundary of the DOGE technical formation at $0.269, it will indicate a 64% increase for Dogecoin price. Before the bulls can expect a bull run towards the optimistic target, DOGE needs to seize the closest resistance at the 50% Fibonacci retracement level of $0.255.
On the other hand, if there is an increase in buying pressure and Dogecoin rises above $0.27, DOGE may face another hurdle at the 61.8% Fibonacci retracement level, which would coincide with the 200-day SMA at $0.277. Additional hurdles may appear at the 78.6% Fibonacci retracement level of $0.310, then the August 16 high of $0.351 and eventually hit the aforementioned bullish target of $0.435.
Can the selling pressure continue?
Given that the price of Dogecoin is still stuck in a consolidation pattern, DOGE could continue to fluctuate within the governing technical pattern until there is a decisive move upwards, with a spike in buy orders. Until then, DOGE price may be subject to minor selling, in which case the nearest foothold at the 100-day SMA at $0.242 will act as key support.
Adding to the strength of this support level, IntotheBlock’s Money In/Exit Price Around Price (IOMAP) shows that 80,240 addresses bought 14.73 billion DOGE at an average price of $0.242.
Additional lines of defense will emerge at the 20-day and 50-day SMAs, which will continue to drop to the 38.2% Fibonacci retracement level at $0.233 before sitting at $0.238. Only an increase in selling pressure will see Dogecoin price tags the lower border of the triangle at $0.213.
SHIB price shows signs of optimism after pullback
SHIB price could retreat further amid declining trading volume compared to the massive 400% rally SHIB witnessed earlier this month. The Arms Index (TRIN), which measures overall market sentiment, reads 1.02, indicating slightly more selling volume than buying volume.
The prevailing bullish pennant chart pattern could target an 80% increase towards SHIB $0.00005124 if Shiba Inu price rises above the upper bound of the technical pattern. However, the token could continue to consolidate and move sideways until it manages to slice above the upper trendline, which is currently acting as resistance and coincides with the 78.6% Fibonacci retracement level at $0.00002879.
SHIB price will find immediate support at the 50 and 100 four-hour SMAs meeting at $0.00002719. Additional support may appear on the ascending support trendline at $0.00002555, which also forms the lower border of the bullish pennant formation presented on the 4-hour chart.
If more selling pressure arises, Shiba Inu price could decline to the 61.8% Fibonacci retracement level from the $0.0002372 low, which corresponds to the support line given by the Momentum Reversal Indicator (MRI). Traders should note at this point that the bullish outlook given by the dominant chart pattern may deteriorate, but the strength of this anchor should be significant enough to avoid further losses unless the bears start a selling spree.
If the bulls manage to push Shiba Inu price higher above the $0.00002879 resistance trendline, SHIB will face its first hurdle at the top of the rally from October 11th high at $0.00003200 to October 7th at $0.000003543. Only if SHIB manages to break above the aforementioned levels as well as the 127.2% Fibonacci extension level, it could see a rally to $0.00005124.
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