A dogfight broke out on social media on Sunday after cryptocurrency brokerage eToro’s Super Bowl ad aired, which briefly featured an unnamed Shiba Inu dog.
Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB) and Floki Inu (CRYPTO: FLOKI) enthusiasts entered into a duel on Twitter in an attempt to claim the advertisement as a representation of their own favorite Shiba Inu-themed crypto.
The ad didn’t do much to entice a large group of new buyers into any of the three cryptos: on Monday, Dogecoin, Shiba Inu and Floki were all trading on lower-than-average volume.
From a technical standpoint, the three cryptos are consolidating into potentially powerful breakout patterns and could all win the race if the formations are recognized, although Shiba Inu has the highest implied move, which could take the crypto over 70% higher.
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The Dogecoin Chart: Dogecoin may still be settling into a bullish cup-and-handle pattern on the daily chart that Benzinga called out on Feb. 9, although the pattern will need to be recognized soon to avoid being negated. A possible bull flag pattern has now been negated because the crypto lost support at the eight-day exponential moving average.
- If Dogecoin closes a trading day below the $0.145 level, the cup-and-handle pattern will be negated because the price will have declined by more than half the height of the cup when measured as a percentage.
- If the crypto breaks up bullishly from the pattern, the measured move is about 40%, which indicates Dogecoin could reach the 20-cent mark.
- If the cup-and-handle pattern is negated, Dogecoin is still trading within a descending channel pattern and may continue to do so, making a series of lower high and lower lows until big bullish volume comes in to break the crypto up from the upper descending trendline of the pattern.
- A break up from the trendline could provide a good entry position if the breach is made on higher-than-average volume on smaller timeframes.
- If Dogecoin is unable to break bullishly through the pattern, a rejection of the upper trendline could provide a solid entry for bears.
- Dogecoin has resistance above at 16 cents and $0.176 and support below at $0.135 and just above the 12-cent level.
The Shiba Inu Chart: Shiba Inu is settling into a bull flag pattern on the two-day chart, with the pole created between Jan. 24 and Jan. 27 and the flag formed over the days that followed. If the pattern is recognized, the measured move is a whopping 72%, which indicates Shiba Inu could trade up toward the $0.00004748 level.
- On Monday, Shiba Inu was also settling into an inside bar on the two-day chart, which in this case does not lean bullish or bearish. Both bulls and bears can watch for a break of the pattern later on Monday or on Tuesday to gauge future direction.
- If the crypto closes the trading day near its opening price, it will print a doji candlestick, which could indicate a reversal to the upside is in the cards.
- Shiba Inu has resistance above at $0.00003310 and $0.00003607 and support below at $0.00002958 and $0.00002640.
The Floki Inu Chart: Floki Inu was trading on much lower-than-average volume on Monday, with only about 500 million tokens exchanging hands compared to the 10-day average of 2.49 billion.
- The crypto may be trading in a large falling wedge pattern on the daily chart, making a series of consistent lower highs and lower lows. The pattern is considered bearish until the crypto breaks up from the upper descending trendline on higher-than-average volume.
- The lower-than-average volume over the last five days indicates the Floki Inu is running out of both buyers and sellers. This often precedes a large move and traders can watch to see if bears are able to break the crypto upwards or if bears take control and force the crypto under $0.00003499 mark, which would indicate a major loss of support.
- Floki Inu has resistance above at $0.00005111 and $0.00006895 and support below the $0.00003499 level at $0.00001400.
