Crypto technical analysis is the most efficient and swift way to keep track of the cryptocurrency market and its development. Crypto markets have been relatively stable over the weekend due to the US Independence Day and related euphoria. Though many had expected a “mega crypto dump” around July 4, it turned out to be nothing more than an empty threat.
In fact, the prices have remained stable till today, July 6.
Dogecoin – DOGE/USDT Analysis
With DOGE trading near the 20-day EMA for many days now or around the $0.07 mark, it seems like an attractive buy opportunity. The bulls seem to be buying the dips as they expect a move higher.
The 20-day EMA has flattened out, and the RSI is near to midpoint. This could mean that selling pressure from big players may be reduced as we approach an important market turning point.
The bulls are trying to push the price above 50-day SMA ($0.07) and challenge immediate resistance at $0.8. If this level is crossed, it could lead DOGE/USDT up towards $0.10.
But, if prices move down from their current level or 50-day SMA, this could indicate that bears are not willing to give up control of the market. The bear will try to drive down the price to $0.06 so as to establish dominance in the market.
Shiba Inu – SHIB/USDT Analysis
Shib Inu (SHIB) is trading close to the psychological level at $0.000010. This suggests that the bulls are attempting to form a higher low near this support.
The market is in a balanced position right now, with the EMA ($0.000010) flat and RSI near their midpoints. The price is steady above the 50-day SMA, which means that there’s room for it to rise more. If this happens then we could see the pair reach $0.000012. This price may also act as a barrier but if cleared, it could rise to $0.000014
But in case the price drops down from the Moving Average (MA), the bears will try everything to pull the pair below $0.000009. If this happens it could drop as low as the critical support at $0.000007.