Dogecoin and Shiba Inu: Dogecoin support at 0.16600 level

Dogecoin chart analysis

This morning, Dogecoin made a significant move, climbing to a new weekly high at 0.17461. This is a crucial development that sets the tone for our analysis. After this high, the price made a pullback to the 0.16600 support level, forming a higher low and initiating a new bullish consolidation. Currently, we are at the 0.16950 level, eagerly awaiting a break above the 0.17000 level. A successful break above will provide us with the opportunity to retest this morning’s high. 

Looking ahead, we have potential higher targets at 0.17750 and 0.18000 levels. These levels represent our optimistic outlook for Dogecoin’s price movement. However, we must also consider a bearish option, which would require a negative consolidation below the 0.16500 level. In this scenario, the Dogecoin price will be in close proximity to the EMA50 moving average.   If the bearish momentum persists, we could see a descent below and the formation of a new daily low. Potential lower targets are 0.16000 and 0.15500 levels.

Shiba Inu chart analysis

This morning, a new weekly Shiba Inu price high was formed at the 0.00002684 level.   This confirms that we are in an upward trend and expect a continuation on the bullish side. After forming a new high, the price pulls back to support at 0.00002550. From there, we see the initiation of a new bullish consolidation, and now the price is at the 0.00002600 level. With the new impulse, we jump over the 0.00002650 level and test this morning’s high.

For Shiba Inu, we also need to consider a bearish option. This would require a negative consolidation and a drop below 0.00002550 and the EMA50 moving average. These steps could lead us to a new daily low, increasing the bearish pressure on Shiba Inu. Potential lower targets are 0.00002500 and 0.00002450 levels. This balanced view is crucial for our analysis.

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