SHIB and MOG Price Analysis Anticipating a Moonvember Rally: Is It the Best Time to Buy Meme Coins?

The crypto market is experiencing volatility amid the US elections. The BTC price is back to $68k as the FUD surges. Under such conditions, SHIB and MOG are rising against the bearish tide

As the US presidential elections continue to unfold, the crypto market experiences volatility. The BTC price pulls back to $68k as the fear, uncertainty, and doubt (FUD) surges in the market. In such conditions, SHIB and MOG price analysis reveals a massive upside for the meme coins.

After a bullish failure to give a rounding bottom breakout rally, the underlying bullish support in MOG Coin is teasing a Cup and Handle pattern formation. The bullish failure to surpass the $0.000002354 mark led to a pullback to the 50-day EMA.

This has created a double-bottom pattern, with the dynamic average line as the baseline. The neckline for the double-bottom stands at the $0.0000020 psychological mark.

With an intraday gain of 6.13%, MOG Coin computes an Evening Star pattern near the 50-day EMA. This increases the possibility of a bullish reversal. Furthermore, it increases the credibility of the double-bottom pattern.

Currently, it is trading at $0.000001814, above the 78.60% Fibonacci level. Moreover, supporting the bullish comeback chances, the MACD and Signal lines reveal an uptick and tease a positive crossover as the bearish histograms decline.

Based on the Fibonacci levels, the uptrend double-bottom breakout rally will likely surpass the neckline at the 100% Fibonacci level at $0.000002354. Based on the Fibonacci levels, the uptrend will likely reach the 1.618 Fibonacci level at $0.0000049.

Hence, the possibility of MOG Coin reaching the $0.0000050 psychological mark will significantly increase with the Cup and Handle Breakout Rally. The price target shows an upside of 175% from the current market price.

After the Falling Channel Breakout Rally struggled to gain momentum, the SHIB price consolidates near the 23.60% Fibonacci level. Due to the consolidation, the 50-day and 200-day EMAs have merged and are struggling to give a golden crossover.

However, the recent Morningstar pattern with an intraday gain of 2.49% teases a bullish comeback. This also increases the possibility of a double-bottom reversal. The daily RSI line shows a bullish divergence, supporting the double-bottom reversal and increasing the upside chances.

Considering the broader market recovers, the SHIB price will likely challenge the 50% Fibonacci level for a breakout rally. Considering that the Moonvember rally will propel the Shiba Inu price higher, the bull run could reach the 100% Fibonacci level at $0.00003591.

Hence, despite the short-term selling in the broader market, SHIB and MOG price analysis reveals a massive upside for the meme coins.

Also read: Shiba Inu price prediction 2024-2030

FAQs

Will the MOG Coin price reach $0.0000050?

If the broader market continues to head higher, the $0.000002354 breakout will likely push the MOG coin to $0.0000050.

Will Shiba Inu Reclaim $0.000020?

As the meme coin prepares for a trend reversal, it should reclaim the $0.000020 mark before the end of 2024.

What’s the downside risk in Shiba Inu?

Based on the current price action, a breakdown below $0.00001633 will test the $0.000015 mark, a ~13% from the current market price.

The above is the detailed content of SHIB and MOG Price Analysis Anticipating a Moonvember Rally: Is It the Best Time to Buy Meme Coins?. For more information, please follow other related articles on the PHP Chinese website!