The crypto market experiences volatility during the US elections. BTC price is back to $68k as FUD rises. Under such conditions, SHIB and MOG rise against the bearish tide, with intraday gains teasing the continuation of the uptrend.
With a gold crossover in SHIB and MOG poised for a bullish comeback, is this the best time to buy meme coins? Find out now in Coinpedia’s SHIB and MOG price analysis, anticipating a Moonvember rally.
Mogcoin (MOG) ready for Cup and Handle Breakout Rally?
Despite the bullish inability to pull off a breakout rally, the underlying bullish support in MOG Coin is teasing a Cup and Handle pattern formation. The bullish inability to cross the $0.000002354 mark led to a pullback to the 50-day EMA near $0.000001631.
This has created a double bottom pattern, with the dynamic average line as the baseline. The neckline for the double bottom is at the psychological mark of $0.0000020.
With an intraday gain of 6.13%, MOG Coin calculates an Evening Star pattern near the 50-day EMA. This increases the chance of a bullish reversal. Moreover, it increases the credibility of the double bottom pattern.
Currently, it is trading at $0.000001814, above the Fibonacci level of 78.60%. Furthermore, supporting the bullish comeback opportunities, the MACD and Signal lines support an upswing and provide a positive crossover as the bearish histograms decrease.
Based on the Fibonacci levels, the double bottom upside breakout rally is likely to surpass the neckline at the 100% Fibonacci level at $0.000002354. Based on the Fibonacci levels, the uptrend is likely to reach the Fibonacci level of 1.618 at $0.0000049.
Therefore, the possibility of MOG Coin reaching the psychological barrier of $0.0000050 will increase significantly with the Cup and Handle Breakout Rally. The price target shows an upside of 175% from the current market price.
Morning Star brings double meaning for Shiba Inu?
With the Falling Channel Breakout Rally struggling to gain momentum, SHIB price is consolidating around the 23.60% Fibonacci level. Due to the consolidation, the 50-day and 200-day EMAs have merged and are struggling to give a gold crossover.
However, the recent Morningstar pattern with an intraday gain of 2.49% signals a bullish comeback. This also increases the possibility of a double bottom reversal. The daily RSI line shows a bullish divergence, which supports the reversal of the double bottom and increases upside opportunities.
Given the recovery of the broader market, SHIB price is likely to challenge the 50% Fibonacci level for a breakout rally. Considering that the Moonvember rally will push the Shiba Inu price higher, the bull run could reach the 100% Fibonacci level at $0.00003591.
Therefore, despite the short-term selling in the broader market, the price analysis of SHIB and MOG reveals a huge upside for the meme coins.
Also read: Shiba Inu price prediction 2024-2030.
Frequently asked questions
Will MOG Coin Price Reach $0.0000050?
If the broader market continues to rise, the breakout of $0.000002354 will likely push the MOG coin towards $0.0000050.
Will Shiba Inu Reclaim $0.000020?
As the meme coin prepares for a trend reversal, it should regain the $0.000020 mark before the end of 2024.
What is the downside risk in Shiba Inu?
Based on current price action, a breakdown below $0.00001633 will test the $0.000015 mark, a ~13% off the current market price.
