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🚨 NDVA surged 43%. This AI Chipmaker Could Be Next See Analysis
Income Sharks Correlates Memecoin Trends with the Total Market Cap
Published May 16, 2023 01:30PM ET
Income Sharks Correlates Memecoin Trends with the Total Market Cap
- Income Sharks, the Twitter crypto analyst recently posted about the behavior of meme coins in the total market cap.
- PEPE, LADYS, DOGE, and SHIB are seen as the top trending performers.
- SHIB seems to have reached the rock bottom; it could be early signs of a bull run.
Income Sharks, the Crypto and market education, analysis and predictions page on Twitter recently posted a graph depicting the total market cap of the crypto with reference to trending memecoins.
Taking into account the memecoin’s behavior in the past four hours, PEPE is seen within the stipulated ranges of the bollinger band and since the width of the bands are contracting, PEPE can be expected to move sideways or consolidate.
PEPE/USDT 4-hr Chart (Source: Tradingview)
However, when considering the previous bull run that occured from the same price where PEPE is of now, PEPE has the tendency to break Resistance 1 and reach Resistance 2. Hence, if the coin is on a bull run it is expected to test Resistance Level 1 at $0.00000301. If the bulls are strong enough to break Resistance Level 1, PEPE will move to test Resistance Level 2 at $ 0.0000371.
Contrastingly, if the bears overtake the market, PEPE may seek assistance from Support Level 1 at $0.000001109. Furthermore, if the bear’s stranglehold remains the memecoin may break through Support Level 1 and move to test Support Level 2 at $0.000001571.
LADYS/USDT 4-hr Chart (Source: Tradingview)
Considering the memecoin’s behavior for the past four hours, LADYS is seen moving inside the stipulated range of the bollinger bands. Since LADY has retraced after touching the upper band and is close to SMA, it could move in either direction.
However, that occurred from the same price where LADYS is at now, LADYS has the tendency to reach Resistance 1. Hence, if the coin is on a bull run it is expected to test Resistance Level 1 at $0.000001594. Moreover, when considering the rise of LADYS, we could see that every rise was followed by a period of consolidation.Interestingly, LADYS seems to be emitting the same behavior while it is falling down — every fall followed by consolidation. Since LADYS seems to be consolidating near the SMA, we could expect the prices to fall into the lower half of the Bollinger band.
As such LADYS may seek assistance from Support Level 1 at $0.0000000612.
DOGE/USDT 4-hr Chart (Source: Tradingview)
When considering the behavior of DOGE since April, we could see that it tested Resistance 2 a couple of times before falling below Resistance 1.
Currently, DOGE is fluctuating below Resistance 1. In particular, DOGE has been moving approximately within the $0.0773 and $0.08106 range. Thereafter, DOGE further fell and now it’s fluctuating with the $0.07102 and $0.07369 range. Since the Bollinger bands are squeezing, there could be more consolidation.
SHIB/USDT 4-hr Chart (Source: Tradingview)
When considering the behavior of Shiba Inu we could see that it heavily depended on Resistance 1, which acted as a support level for SHIBA during its fall. We could see that even after falling below Resistance 1, SHIB still tested it. Nonetheless, the bulls were not strong enough to break through.
However, SHIB showed resilience as it was falling. The preceding thesis could be proven by the period of consolidation that was followed after every fall. Unfortunately, the bulls couldn’t hold onto SHIB for long. As such we could see the time period of consolidation shrinking with every fall.
Now it seems that SHIB has reached the rock bottom of the fall, hence, we may expect it to rise from the ashes. If this is the case for Shiba Inu, we could expect it to test Resistance 1 at $0.000017. However, once SHIB is on a bull run, Resistance 1 has not been able to contend its rise. As such, it may rise further and reach Resistance 2 at $0.00001112.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Income Sharks Correlates Memecoin Trends with the Total Market Cap appeared first on Coin Edition.
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