Shiba Inu (SHIB) is looking to revive the record rally as the bulls catch the corrective retracement and prepare to break out to reach a new high range. The inspiration Dogecoin (DOGE), on the other hand, is fading after gaining more than 40% at one point during the October 28 trading session. What levels will be decisive now? We take a look at the technical comments from 2 expert cryptocurrency analysts.
SHIB price needs to surpass this key resistance for the $0.0001 target
Meme coin hunters are taking advantage of the pullback as they believe there is more gain in the SHIB price. From a short-term technical perspective, SHIB price bounced off the main support at $0.000578 after a sharp correction to $0.000885, the ATH level reached on Thursday. This level is the 50% Fibonacci Retracement (Fibo) level of the rise from the October 21 low of $0.00000270 to the record high.
In the last two trading sessions, SHIB bulls managed to protect the 61.8% Fibo level of the same rise at $0.0000650 on a daily close basis, supporting buyer sentiment. The 14-day RSI is looking up once again, breaking free of overbought conditions, adding confidence to a potential gain, according to analyst Dhwani Mehta. A move of SHIB above the ATH level will set the stage for the bulls for the $0.0010 level. After that, the analyst says the 127.2 Fibo level at $0.000105 will come into play.
Alternatively, the aforementioned 61.8% Fibo support may continue to limit corrective declines in SHIB price. According to the analyst, the 50% Fibo level at $0.000578 will be the level to pass for the SHIB bears if the downside pressure increases. However, $0.0000050-0.000460 will emerge as strong support, which is the confluence of Wednesday’s low and the 38.2% Fibo level.
On the other hand, Dogecoin, which fell to 10th place by market capitalization, is trying to keep its $1 psychological target strong. cryptocoin.com We continue with the technical comments of Jonathan Morgan, whose analysis we share with you.
DOGE ready for $0.50 then $1.00
Dogecoin (DOGE) price has definitely been an exercise of patience for the bulls. On October 24, Dogecoin closed above the Ichimoku Cloud with very bullish movements. The close on the 24th also confirmed that Dogecoin has achieved a bullish Ichimoku entry known as the Ideal Bullish Ichimoku Breakout. Instead, sellers stepped in and pulled the rug from under the buyers.
That all changed with Dogecoin’s big bid capture on Thursday, and a fresh flood of volume deprived short sellers of their opportunity. One of the most important results of the great ascension is where Tenkan-Sen and Kijun-Sen are located: Just above the cloud. This means that Dogecoin has a major support structure between $0.27 and $0.28, which is likely to hold up against any short-term short selling pressure. Analyst Morgan then says that the next move for Dogecoin is the $0.50 level.
But the weekend is approaching and with it volume has decreased and volatility has increased. As a result, buyers will want to be wary of a developing bull trap. The current bullish sentiment and outlook will be invalidated if sellers can push Dogecoin below the 38.2% Fibonacci retracement at $0.23.
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