Shiba Inu price is consolidating as the bulls try to maintain control. SHIB price saw the bulls attempt to keep the price action above the weekly pivot at $0.00005433 but failed. As the consolidation continues, the weekly RSI points to overbought. Detail cryptocoin.com‘in.
Consolidation days for SHIB
Shiba Inu price is seeing lower highs and higher lows as SHIB price is squeezed from both sides. The pennant looked bullish, but US inflation pressure has rattled global markets and depressed cryptocurrencies. As the headwinds begin to subside and the weekly Relative Strength Index (RSI) is overbought, expect SHIB price to correct further and move towards $0.0004500, according to analyst Filip L. Shiba Inu price saw bulls attempt to push price action above the weekly pivot level at $0.00005433 but stalled as headwinds began to subside after US inflation pressure on Wednesday. SHIB price started trading on the downside as the upward price action was closed by the red descending trendline. With the green ascending trendline coming from below, SHIB price is stuck with $0.0005000 as the middle price. If the weekly pivot fails to sustain the price above $0.00005433, SHIB price is likely to drop further to the downside. In this case, expect the green ascending trendline to be tested near $0.0004500. A downside break could help the bears drop another step towards $0.00003535 should the market sentiment reverse.
If the bulls can ignore the weekly RSI in the oversold zone and the market sentiment turns to the tailwind rather than the counterwind, expect a bullish breakout of the pennant in an initial test above $0.0007500, says the analyst. According to the analyst, if the bulls can find more momentum and the buy-side volume rises further after the break above the red descending trendline, wait for a possible retest of the all-time high of $0.00008860.
Outlook on Dogecoin
On the other hand, according to analyst Dhwani Mehta, Dogecoin price is poised for a sell-off as the $0.25 support appears to be at risk. Higher rejections reveal DOGE’s downside potential. RSI remains bearish. $0.25 is the level to cross for DOGE bears. Dogecoin price extends the previous bearish momentum and starts the weekend on false ground despite staying within Wednesday’s trading range. Witnessing good two-way business, Dogecoin price settled into the red on Friday as the bears refused to relinquish control after a temporary reversal seen on Thursday.
DOGE sellers are back after Binance, the world’s largest crypto exchange by trading volume, announced that it was temporarily suspending the withdrawal of DOGE after an upgrade. On the contrary, Binance users said that the crypto exchange does not allow withdrawals until they return DOGE. Conflicting reports have taken a toll on the sentiment around the dog-themed cryptocurrency.
The daily chart of Dogecoin shows that DOGE price is hovering below the 100-DMA sloping upwards at $0.2588. Meanwhile, the 14-day Relative Strength Index (RSI) dropped slightly below the 50.00 level, suggesting that the downtrend will remain intact in the near term. DOGE sellers are now targeting strong support around $0.25 to reveal additional downside. This level is where the ascending trendline support and the ascending 50-DMA intersect. A daily close below this critical support is needed to start a fresh decline towards Wednesday’s low of 0.2337. Further down, the October 28 low of $0.2272 may come to the rescue of DOGE buyers, below which the October 27 low of $0.2179 will be their last line of defense.
On the upside, acceptance above the 21-DMA could offer extra legs to the DOGE price recovery and require testing the critical horizontal 200-DMA at $0.2848. Note that DOGE price failed to resist above the 200-DMA earlier this week, triggering renewed downward momentum in the meme coin. If the 200-DMA barrier is consistently removed, the round figure of $0.30 will return to the DOGE bulls’ radars.
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