Analysis: Shiba Inu Tracing 2021 Bull Market Pattern, Solana and Dogecoin Updates 📈
A cryptocurrency analyst who accurately predicted the recent Bitcoin correction now suggests that the meme token Shiba Inu may be following a trend similar to the 2021 bull market. Here’s a closer look at Shiba Inu, Solana, and Dogecoin:
Shiba Inu: A Look at the Pattern 🔍
- Shiba Inu is currently testing its weekly support level at $0.0000279, a critical juncture for the token.
- The token retested this level in the previous market cycle before soaring to its all-time high of $0.0000861.
- The analyst notes that SHIB hit a blue resistance level and bounced off, similar to a previous instance in late 2021.
- Following the rejection at the blue resistance, SHIB retraced to the orange level as new support before moving higher.
- Currently, Shiba Inu is retesting the orange support level, raising questions about a potential historical repeat.
Solana: Breaching Key Support 🌐
- Solana has successfully flipped resistance at $175 into support, indicating a positive trend for the smart contract platform.
- The ongoing retest of Solana is showing promising signs, with the token at $185.24 at the time of writing.
Dogecoin: Charting a Bullish Path 🐶
- Dogecoin appears to be forming a bullish continuation pattern on the weekly chart after breaking a long-standing diagonal resistance.
- The altcoin has rebounded by 38% after confirming a new uptrend, with potential for a bull flag formation if it maintains current levels.
- As of now, Dogecoin is trading at $0.173, showcasing resilience in the market.
Hot Take: Reading the Signals and Trends 📊
As you observe Shiba Inu, Solana, and Dogecoin, watch for key levels to determine potential price movements. Stay informed about historical patterns and current market dynamics to make well-informed investment decisions. Keep an eye on these tokens as they navigate through various stages of the market cycle.
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