Dogecoin is in retreat for the second day in a row
- On Monday, the Dogecoin price climbed to the 0.11547 level, forming a new high there
- During the previous weekend, the Shiba Inu price managed to climb to 0.00001884
Dogecoin chart analysis
On Monday, the Dogecoin price climbed to the 0.11547 level, forming a new high there. Soon after, the price loses its previous momentum and initiates a pullback below 0.11500. We quickly pulled back to the EMA 200 moving average and the 0.11100 level. Already on Monday evening, a new hint that we could continue with the retreat to a new weekly low. That happened this morning, and Dogecoin fell to 0.10630, forming a new low there.
Potential lower targets are 0.10600 and 0.10500 levels. For a bullish option, Dogecoin would have to first move back above the daily open level of 0.10840. After stabilizing there, we expect to see the initiation of a bullish consolidation up to the EMA 200 and the 0.11100 level. Testing that zone is very important because crossing above gives us strong support for continuation on the bullish side. Potential higher targets are 0.11200 and 0.11300 levels.
Shiba Inu chart analysis
During the previous weekend, the Shiba Inu price managed to climb to 0.00001884. After that, we saw a short pullback to the 0.00001780 support level. From that level, we bounce back to 0.00001880 on Monday but fail to hold there. Shiba Inu is making another pullback from there and broke support at 0.00001780 last night. This morning, the price continued to fall below the EMA 200 moving average, which increases the bearish pressure.
With that move, Shiba Inu formed a new weekly low of 0.00001711. We are still in the support zone, and if the pressure on the price continues, we will go to a new weekly low. Potential lower targets are 0.00001700 and 0.00001650 levels. For a bullish option, we need a positive consolidation above the EMA 200 and 0.00001750. After we stabilize there, we expect the start of bullish consolidation and recovery to higher levels. Potential higher targets are 0.00001800 and 0.00001850 levels.
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