U.Today – Riding the wave of market optimism sparked by the recent rally above $68,000, is starting to show signs of recovery. A potential golden cross, one of the most crucial technical indicators, is approaching, with Dogecoin trying to break through significant resistance levels as Bitcoin has taken the lead in this market rally.
A short-term moving average crossing a longer-term moving average is what causes this phenomenon, which usually indicates a shift towards bullish momentum. Dogecoin is currently trading near the 100 EMA, a significant level that, if breached, could indicate that the recent bearish death sentiment is coming to an end.
The short-term moving average cross below the long-term moving average, which occurred earlier, is known as a death cross and suggests that a significant downtrend may be on the horizon. However, this story could be reversed by the current bullish market sentiment.
Dogecoin is currently testing the 100 EMA resistance after trading above the 200 EMA, according to technical chart analysis. If this level is broken, it could lead to a golden cross where the 50 EMA crosses the 200 EMA, confirming the uptrend and potentially triggering a long-term price rally.
With 77% of DOGE holders currently profiting at current prices, on-chain data supports this bullish assessment. The significant concentration of major holders shows that crucial market players are still interested and supportive of the situation. Bullish indicators from the network’s on-chain metrics also indicate increasing network activity, which often occurs before price increases.
Bitcoin Moves to $70,000
Bitcoin is currently consolidating around $68,000 and is poised for a larger price rebound. The significance of this level lies in the possibility that if broken, a push towards $70,000 and a long-term price reversal will occur.
The significance of this $68,000 cutoff cannot be overstated. It acts as a significant resistance level, and a breakout of it could trigger a fresh round of buying pressure and send Bitcoin into a acute uptrend. A possible breakout that could herald the start of an uptrend is what investors and traders are keeping a close eye on at this level.
But lively technical indicators must also be taken into account. A possible crossover suggests a convergence of the 50-day and 100-day exponential moving averages (EMA).
A bearish signal, also known as a death cross, can be observed if the 50 EMA crosses below the 100 EMA. This could potentially halt the upside momentum and cause increased selling pressure. The market remains cautiously hopeful despite the imminent danger of a death cross.
The psychological level of $70,000 would be the next target for Bitcoin if it manages to break through the resistance of $68,000. By attracting more institutional investors and retail traders, reaching this milestone could accelerate the price rally. Bitcoin could reach and even exceed its record highs if there is a sustained rally above $70,000.
slowly retreating
Solana is consolidating around $185, a pivot point that could result in a significant breakout. A break above this level, which has proven to be a mighty resistance point, could pave the way for a continuation of the long-term uptrend.
This consolidation stage suggests that traders are keeping a close eye on the next move. Solana’s more ambitious target of $200 could become reachable after a successful breakout above $185. Psychologically, this level could attract more customers and push the price even higher. However, it is worth noting that there is not much trading volume at the moment. Sometimes, this drop in volume suggests a possible reversal.
Solana price could decline before another breakout attempt if buying pressure does not raise. Although traders should monitor volume as it may provide additional information on future price, market sentiment is still cautiously hopeful.
