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Dogecoin

Dogecoin Won’t Be Put Down If It Can Regain This Key Level

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Dogecoin (CRYPTO: DOGE) was trading about 2.41% higher on Wednesday afternoon following Bitcoin (CRYPTO: BTC), which was trading back up over a support and resistance level at the $39,489 mark. Bitcoin could be breaking up from a daily bull flag pattern, charted by Benzinga on Monday, which would, in turn, be bullish for Dogecoin.

Dogecoin bulls and bears may be waiting to see the final text of the infrastructure bill which could negatively affect the crypto space if it includes forcing brokers to report to the IRS. On Wednesday, Sen. Durbin (D-Illinois) said he expects the bill to pass the Senate this weekend or Monday.

See Also: How to Buy Dogecoin • Step by Step

The Dogecoin Chart: The wildly popular Shiba Inu-themed cryptocurrency has been hovering around the 20-cent mark since July 21 when it broke up bullishly from a descending trendline that had been holding it down since June 4.

Although Dogecoin remains a top trending cryptocurrency on Twitter, the crypto hasn’t been given much attention in the form of buyers or sellers recently. On Wednesday afternoon Dogecoin’s volume stood at just 1.67 million compared to its 10-day average of 8.70 million.

Despite the lack of volume, Doge continues to ride up the 200-day simple moving average (SMA), which indicates overall sentiment in the crypto is bullish. Dogecoin is trading in line with the eight-day exponential average (EMA) but slightly below the 21-day EMA, which indicates bearish indecision. On Wednesday the eight-day and 21-day EMAs were acting as resistance.

  • Bulls want to see Dogecoin paw its way up above the EMAs and close above the 20-cent level. If it can regain the levels as support, it has room to move up toward the 23-cent mark.
  • Bears want to see Dogecoin drop below the 200-day SMA, which would put it into bearish territory. If the crypto falls below the level, there is some weaker newly created support at the 19-cent level. Below 19 cents Dogecoin could retrace to the 16-cent mark.

doge_aug._4.png

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.

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Bitcoin is set up for at least 30% more upside after surging above a key technical level and with near-term momentum shifting positive | Currency News | Financial and Business News

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Bitcoin symbol at Bitcoin conference people
Bitcoin has fallen greater than 40% from its April document excessive.

  • Bitcoin cleared its 50-day transferring common on Sunday, setting the cryptocurrency up for extra positive aspects forward.
  • Technical analyst Katie Stockton sees bitcoin surging to $51,000 if it could actually clear sure resistance ranges round $43,000.
  • A surge to Stockton’s goal of $51,000 represents potential upside of greater than 30% for bitcoin.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Bitcoin’s greater than 15% surge over this previous weekend helped the favored cryptocurrency decisively clear its 50-day transferring common, which represents a key technical resistance stage that units bitcoin up for extra positive aspects forward.

Technical analyst and founding father of Fairlead Strategies Katie Stockton stated in a be aware on Monday that bitcoin’s current rally might set it up for a surge to $51,000 if it clears one other resistance hurdle round $43,000, representing potential upside of 32% from present ranges. Stockton’s $51,000 goal for bitcoin was derived from fibonacci retracement ranges.

The massive resistance ranges bitcoin faces earlier than Stockton’s $51,000 goal embody about $43,000, representing present cloud resistance, and $44,600, which at present represents bitcoin’s 200-day transferring common.

In response to Stockton, bitcoin’s transfer greater appears to be like constructive after it staged a false breakdown beneath the highly-watched help stage of $30,000. That temporary decline final led to a spring greater as some bulls seemingly capitulated on their place, whereas some bears seemingly initiated new quick positions after the important thing help stage briefly broke.

“Bitcoin examined and held extensively watched help close to $30K in our anticipated ‘spring’ greater after it had gotten coiled up inside the context of its long-term uptrend,” Stockton defined, including, “Importantly, each bitcoin and Ether have cleared their 50-day MAs on newly optimistic short-term momentum.”

The transfer greater in bitcoin comes after rumors flow into that e-commerce big Amazon could soon begin accepting bitcoin as a type of fee for its merchandise.

Technical analysis chart of bitcoin.

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