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Dogecoin

Dogecoin price aims higher, but upside appears to be limited

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  • Dogecoin price is grappling with the $0.213 crucial resistance level.
  • A breach of this barrier might lead to a 20% upswing to $0.255.
  • However, if DOGE bulls fail to defend $0.168, it will invalidate the bullish thesis.

Dogecoin price is currently tussling with a vital resistance level, a breach of which will open the path for more gains. However, the upside seems to be limited due to the presence of a massive supply zone.

Dogecoin price contemplates a breakout

Dogecoin price has set up three lower highs since June 25, indicating a waning bullish momentum. Drawing a trend line along these swing points shows a declining resistance level that DOGE is currently tagging.

Interestingly, the resistance level at $0.213 coincides with the supply barrier mentioned above. Therefore, a decisive 9-hour candlestick close above this confluence will signal the presence of bulls and open up the path for further upside.

However, investors should note that Dogecoin price is likely to rally 20% to tag the supply zone’ ranging from $0.255 to $0.290.

In some cases, this upswing might retest the $0.273 resistance level, which would constitute a 30% rally from $0.213.

DOGE/USDT 9-hour chart

DOGE/USDT 9-hour chart

Conversely, if DOGE bulls fail to push through the declining trend line and the horizontal resistance level at $0.213, a retracement will likely ensue.

The support barriers at $0.187 and $0.182 are the most likely candidates that might end the correction. However, if the selling pressure persists, Dogecoin price will tag $0.168.

While a reversal from this area is likely, market participants should note that a breakdown of the said demand barrier will invalidate the upswing and potentially trigger a downswing to $0.157.

 

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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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