FLOKI and Dogecoin (DOGE) meme coins have shown signs of potential breakouts. Crypto analysts Tony and Daan Crypto Trades have shared insights on these meme coins’ price movements.
Moreover, their analyses suggest possible upward momentum for both assets in the coming weeks. However, key support levels must hold for these bullish scenarios to play out.
What you'll learn 👉
FLOKI’s Consolidation and Potential Entry Points
Crypto Tony has identified crucial price levels for FLOKI. The token is consolidating between $0.00015500 and $0.00020900. Tony suggests two potential entry points for long positions.
He tweeted that he would wait for a dip to $0.00015500 or a reclaim of $0.00020900 into support. This strategy aims to capitalize on either a bounce from support or a confirmed breakout above resistance.
The lower entry at $0.00015500 offers a reduced risk opportunity. It allows traders to buy at a potential higher low, indicating sustained buyer interest. Conversely, a breakout above $0.00020900 could signal stronger bullish momentum.
DOGE’s Attempt to Break Descending Trendline
Meanwhile, Daan Crypto Trades has highlighted a development for Dogecoin. The meme coin is attempting to break above a descending trendline. This move could signal a shift in DOGE’s trajectory.
“$DOGE Attempting a breakout. Needs to hold on to this area and I think we’ll see higher over the next couple of weeks,” Daan tweeted. His analysis emphasizes the importance of DOGE maintaining its position above key support levels.
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Critical Support Levels for DOGE
Two critical support areas emerge from Daan’s chart analysis. The first lies around $0.12400, which DOGE must hold to sustain its breakout attempt. Below this, a stronger long-term support exists at approximately $0.10600.
Holding above these levels is crucial for DOGE’s bullish scenario. A successful break and hold above the descending trendline could pave the way for further gains.
Implications for Meme Coin Market
The potential breakouts of FLOKI and DOGE could have broader implications for the meme coin market. These movements may signal renewed interest in this crypto subsector.
Both analysts stress the importance of confirmation before entering positions. For FLOKI, this means waiting for a touch of support or a clear break of resistance. DOGE traders should look for sustained trading above the descending trendline.
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