Blockchain

Chainlink (LINK) is one of the altcoins that have enjoyed a massive resurgence in recent days alongside the flagship cryptocurrency, Bitcoin. The token rose to as high as $10 on October 23 and seems to have established support at that level. Following this, some crypto analysts have gone on to analyze whether or not it can sustain this momentum.   

Can The Chainlink Rally Be Sustained?

In a post shared on his X (formerly Twitter) platform, crypto analyst Felix drew up an analysis of LINK’s price movement on the charts, noting that the token could see “further price movement, especially if it claims above the critical 500+ day resistance at >$9.6.”

Source: X

He also seemed to suggest that a period of whale accumulation may have led to this price surge as over $9.92 million worth of LINK tokens were sent out of exchanges to wallets when it was still trading at around $7.26. LINK has risen by over 33% since then. 

Source: IntoTheBlock

Felix highlighted the fact that the Chainlink ecosystem was displaying impressive on-chain strength at the moment, which ultimately leads one to question whether or not the rally can be sustained.

LINK’s Figures Are On The Rise

As Felix pointed out, LINK’s price seems to be experiencing an ‘up-only’ trend currently, and all other metrics are not left behind as the ecosystem is also seeing an increase in the number of active and new addresses. According to data from IntoTheBlock, the number of active addresses on the Chainlink network is steadily rising alongside the price increase.

In the last 7 days, the network has seen an increase of over 112% in the number of active addresses on the network. Meanwhile, there has also been an increase of over 190% in the number of new addresses on the network. 

As expected, the number of transactions on the network has also risen during this period, with Chainlink recording a 7-day high of over 12,000 transactions on October 23. Consequently, the trading volume is up over 7% in the last 24 hours, according to data from CoinMarketCap. 

There is also reason to believe that this momentum might be far from over, as fundamentals seem to be contributing to the bullish sentiment. If so, there is more good news ahead for the Bulls and Chainlink community as the Chainlink Staking v0.2 is set to launch before the year runs out. Many believe that LINK maximalists are going to continue to accumulate ahead of the launch.  

In reaction to an X post about an impending launch of the Staking v0.2, one crypto analyst boldly asserted that LINK could rise to as high as $15 later this year. 

Bitcoin might have an easy path toward the $40,000 mark as on-chain data suggests there isn’t much resistance ahead.

Bitcoin Levels Ahead Are Thin With Addresses Right Now

According to data from the market intelligence platform IntoTheBlock, there isn’t any exceptionally large resistance ahead for BTC. In on-chain analysis, resistance and support levels are defined on the basis of whether a large number of investors have bought their coins at the price levels or not.

The reason behind this is that the holders often show some reaction to the spot price retesting their cost basis (that is, their acquisition price). Whether they react by selling or buying could depend on which side the price is retesting their cost basis from.

When the spot value retests an investor’s cost basis from below, that is, when said investor had been in loss previously, the holder may react by selling their coins. This is because they might fear that Bitcoin would go down again, so exiting at break-even would sound like the ideal option.

On the other hand, the opposite type of retest may lead to the investor accumulating more, as they may think that since these same price levels turned out to be profitable earlier, they would do so again in the future.

Such buying and selling are insignificant on smaller scales, but if a large number of investors have their cost basis inside a particular price range, then the range could act as support or resistance for the asset.

Now, here is a chart that shows how the different Bitcoin price ranges look like on the basis of the concentration of investors who bought at them:

As displayed above, the price ranges after the current one doesn’t host the cost basis of that many investors. This implies that these prices shouldn’t offer too much resistance to the cryptocurrency, should a retest of them happen.

The range that’s thickest with investors currently is the one above $38,200, meaning that it would potentially be the trickiest to clear on the way to $40,000. This range, too, however, isn’t that much in terms of investor concentration when compared to the price levels Bitcoin has already cleared.

From the graph, it’s visible that the levels under $31,000 are especially rich with addresses. Thus, if the cryptocurrency observes a retrace towards them, it should potentially find some strong support.

IntoTheBlock also notes that with the latest rally, about 80% of the investors have now come into a state of profit, which is the highest level that the metric has seen since the bull market peak back in 2021.

It now remains to be seen if Bitcoin can keep up this rally and build up towards the $40,000 level, as at least on-chain data suggests such a move shouldn’t be too hard.

BTC Price

Bitcoin is up more than 12% within the past day alone as the asset is currently floating around the $34,400 level.

Ethereum (ETH) is poised for a significant breakthrough as it inches closer to the critical psychological barrier of $2,000, mirroring the bullish sentiment sweeping through the cryptocurrency market, largely led by Bitcoin (BTC).

Market analysts are optimistic about Ethereum’s potential breakout before October ends, with buy orders anticipated to fuel a substantial 12.25% surge, propelling the price to $1,958.

In addition, investors have steadfastly held onto their investments in DeFi assets within the Ethereum ecosystem, demonstrating unwavering confidence even in the face of the enduring crypto market challenges.

Despite the tumultuous nature of the crypto market, these investors remain committed to the potential and promise of DeFi, believing in its ability to revolutionize traditional financial systems.

As per insights provided by DefiLlama, these assets collectively represent an impressive total value locked at $21.27 billion, reflecting the substantial trust and financial commitment placed in the Ethereum DeFi landscape by the investor community. This data solidifies its position as a cornerstone of the broader crypto financial landscape.

As traders eagerly await this upswing, trading volume is projected to witness a notable spike, reflecting growing investor interest in securing exposure to Ether beyond the current resistance levels.

Reinforcing the positive outlook, the Relative Strength Index (RSI) stands at 75, indicating that Ethereum’s upward trajectory is poised to persist. Nevertheless, caution prevails as oversold conditions may trigger profit-taking among traders keen on safeguarding their capital.

This dual sentiment of optimism and caution sets the stage for a crucial juncture in Ethereum’s price action.

ETH Signs Of Struggle Amidst A Resistance

A separate analytical report underscores Ethereum’s recurring struggle with a key resistance level, evident from the persistent price fluctuations converging around this threshold. Historical data points to the ramifications of prolonged resistance, often resulting in sharp price retracements. 

For Ethereum, this could imply a more pronounced market correction, particularly considering the broader market dynamics currently at play. Investors and traders are advised to closely monitor these resistance levels, which could significantly impact short-term market sentiment and price movements.

Unveiling Ethereum: Low Network Activity

Underlying Ethereum’s price fluctuations, an alarming trend emerges concerning the platform’s subdued network activity. Despite its reputation as a thriving ecosystem for decentralized applications, the recent dip in on-chain operations raises concerns about waning interest or a potential shift of focus towards alternative blockchain platforms. 

An active network isn’t solely reliant on transaction volumes; it signifies ongoing development, upgrades, and the launch of new projects. The recent decline in network activity suggests a potential lull in these critical endeavors, prompting market participants to reevaluate the long-term sustainability of Ethereum’s dominance within the blockchain space.

As Ethereum’s price hovers at $1,813, notching a 7.0% surge within 24 hours and a 14% upward trend over the past seven days, market observers remain vigilant as the cryptocurrency continues to navigate through critical resistance levels and grapples with network activity concerns. 

As the cryptocurrency market continues to mature, Ethereum’s future trajectory is intricately linked to its ability to address these challenges and uphold its position as a leading blockchain platform, vital for the broader ecosystem’s growth and stability.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Distinct Today

The possibility of spot Bitcoin ETF approval by the US SEC has caused excitement in the crypto space as investors gear up for a Bitcoin bullish trend. However, not all voices are convinced of the innovative changes of Bitcoin ETFs, as a prominent economist has cautioned about the potential risks associated with Bitcoin ETFs 

Schiff Says Bitcoin ETF Selling Risks Ahead

Chief Economist and Bitcoin critic, Peter Schiff has aired his concerns about Spot Bitcoin ETFs public in an X (formerly Twitter) post released on Monday. 

Schiff stated that the crypto market is presently filled with many speculators who are purchasing Bitcoin, in the hopes of capitalizing on the potential influx of investors following the possible approval of spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC). 

In his counter-narrative statement, Schiff revealed that there may be significantly more sellers than buyers of Bitcoin who are also eagerly waiting for Bitcoin ETFs to become a reality. This narrative may become an issue for many Bitcoin investors, because if Bitcoin holders decide to take advantage of the soaring prices and sell their reserved Bitcoin, it may lead to a sudden and sharp correction. 

“Speculators are buying Bitcoin now because they think other speculators are waiting to buy a Bitcoin ETF. They will soon discover that there are far more speculators waiting to sell than waiting to buy,” Schiff stated. 

The remarks made by Schiff have sparked opposing arguments and views within the crypto community. Many people see a positive impact on Bitcoin price pushing investors to buy more Bitcoin following the potential approval of spot Bitcoin ETFs. 

“The average number of people that own crypto globally is estimated to be around 420 million, which represents about 5% of the world’s population. Which can also mean 5% speculators waiting to sell and 95% speculators still haven’t entered,” crypto community member, Jeysuhn stated. 

Lawyer Foresees ETF Approval By Year’s End

A pro-XRP lawyer and blockchain enthusiast, John E Deaton took to X on Monday to disclose his insights on the present situation concerning the approval of spot Bitcoin ETFs by the U.S. SEC. 

Deaton predicted that the US SEC would approve spot Bitcoin ETFs before the end of 2023 or at least before the end of Q1 2024. The lawyer stated that the US SEC is currently compiling more information to put forward a different reason for denying Bitcoin ETFs. 

Presently, the official listing of Blackrock’s iShares Bitcoin Trust on Depository Trust and Clearing Corporation (DTCC), an American post-trade financial service company has been one of the many reasons for the recent uptick in the price of Bitcoin.

At the time of writing, Bitcoin is trading approximately at $34,424 after soaring past $35,000 at one point on Monday. The cryptocurrency has hit new monthly highs and may continue rising as Bitcoin ETF excitement builds. 

The Cardano ecosystem is ringing in significant transformations with the Cardano Foundation’s announcement of a pivotal modification to its staking parameters. After a stake pool operator (SPO) poll and thorough deliberations by the Parameters Committee, the foundation decided to update the network to enhance both its competitiveness and user experience.

The Cardando Foundation stated via X (formerly Twitter): “As a result of the Stake Pool Operator [SPO]-Poll and a subsequent evaluation by the Parameters Committee, the Cardano Foundation has successfully submitted a transaction on the Cardano mainnet to lower the minPoolCost parameter from 340 to 170 ADA.”

This development has been welcomed with a mix of anticipation and strategy from different sections of the Cardano community. Cardano staking pool “Stake with Pride” was quick to pivot in line with the new parameters, remarking:

The Cardano min Pool Cost fee has been dropped to 170 ADA from 340. SPOs can drop their fees starting epoch 445 on October 27th. They further pledged to optimize their policies with the recent modifications, firmly anchoring their “minPoolCost to 170 permanently, and Margin to 0% temporarily, as market dynamics are assessed.

The minPoolCost parameter, as explained in a Cardano Foundation blog post from September 13, had twofold objectives since its inception with the Shelley launch in 2020. The primary two goals were to act as a defense against Sybil attacks and to guarantee pool operators a floor income to sustain their server operations.

The Cardano Foundation elaborated, “By potentially halving minPoolCost we don’t enforce but allow the operators to reduce their ‘floor’ income.” The strategic change is anticipated to shift market dynamics favorably for smaller pool operators, providing them with a more level playing field.

Cardano (ADA) Price Poised For A 65% Rally?

The Cardano price has seen a strong uptrend in the past few hours, in line with the overall crypto market. At the time of writing, ADA was trading at $0.282, up 6.5% over the past 24 hours. The 1-day chart of ADA shows that ADA was able to break out of its 6-month downtrend (black line) this past Sunday. On April 15, ADA marked its high for the year at over $0.46, since then the Cardano price has been on the decline.

As a result of the breakout momentum, ADA was able to overcome the important 0.236 Fibonacci retracement level at $0.277. Remarkably, the price has already withstood a retest and established it as new support on the lower time frames. Should ADA manage a daily close above this price level today, the outlook for the Cardano price could turn further bullish.

As then, ADA would have to face arguably the most important resistance at the moment, the 200-day exponential moving average (EMA, blue line), at $0.299. The price indicator is often referred to as the “bull line”. Accordingly, a breach could maneuver ADA back into bullish territory. ADA last failed to complete a daily close above the 200-day EMA in mid-July.

If a breakout into bullish territory succeeds, the next targets would be the Fibonacci retracement level of 0.382 at $0.313, 0.5 at $0.341, 0.618 at $0.370, and 0.786 at $0.411. The pinnacle target remains the annual peak of $0.463, suggesting a prospective ascent of 65% from its present value.

In this context, it is important to mention that ADA has underperformed compared to other altcoins so far this year. For example: While Solana (SOL) is currently trading just below its high for the year and Ether (ETH) is only 15% away from a new high for the year, ADA is still 39% below this level.

On the one hand, this shows the existing potential, and on the other hand, it shows that ADA has not been one of traders’ favorite altcoins so far in 2023. Whether a rise above the 200-day EMA can change this remains to be seen.

XRP  is currently experiencing strong short-term bullish momentum and market sentiment. However, the cryptocurrency faces a formidable hurdle at the $0.55 resistance level, a barrier that has thwarted multiple attempts at a substantial recovery over the past couple of months.

The question on everyone’s mind: can XRP overcome this crucial obstacle?

In recent months, the XRP price has exhibited a sideways trend, primarily oscillating between the horizontal levels of $0.55 and $0.458. While the daily chart reveals significant price fluctuations, traders have struggled to make any substantial progress in either direction, reflecting a market plagued by indecisiveness.

As of the most recent data, XRP’s price on CoinGecko stands at $0.5396, reflecting a 3.1% rally in the past 24 hours and nearly 10% surge over the last seven days. These gains have stoked anticipation among investors, but the $0.55 resistance continues to cast a shadow.

XRP Bullish Indicators

XRP traders have established a trading range spanning from $0.47 to $0.54, with the $0.51 midpoint proving to be a pivotal level. This price point has functioned as both support and resistance on multiple occasions, enhancing the range’s credibility. Investors keenly watch for any movements within this range as a potential signal for XRP’s next course of action.

A glimmer of hope for XRP supporters comes from several bullish indicators. The Relative Strength Index (RSI) has climbed above the neutral 50 threshold, indicating that bullish momentum is gathering strength. The Directional Movement Index (DMI) echoes this sentiment, signaling a significant uptrend in progress as the Average Directional Index (ADX) surges past the 20 mark.

In the futures market, XRP’s spot Cumulative Volume Delta (CVD) saw a downtrend from Oct. 20-22, even as prices shot higher. While this may have been worrisome for the bulls, the CVD has exhibited a rebound in recent hours. Simultaneously, the Open Interest and the price have trended higher, underscoring a robust bullish sentiment in the near term.

A Glimpse Into The Future

The critical question that XRP investors must grapple with is whether the cryptocurrency can successfully breach the $0.55 resistance. A breakthrough at this level would serve as a solid foundation for extending the current rally. Nonetheless, caution is advised as traders should seek a daily candle close above this level before committing funds.

In the event of a successful breakout, XRP could potentially target the $0.60 level, offering the possibility of a 16% gain. As XRP navigates the precarious waters of resistance and support, market participants remain on edge, eagerly anticipating the next chapter in this cryptocurrency’s journey.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Medium

Shiba Inu’s latest price action seems like the meme token has bounced off the critical $0.0000061 support level to set the stage for a possible bull run. The cryptocurrency is up by 3.63% in the past 24 hours and 5.79% in a seven-day timeframe. 

However, a larger timescale reveals a different picture, as the value of the cryptocurrency has dropped by 49% since reaching its yearly high of 0.00001471 on February 5. Nevertheless, positive momentum could be building up at the moment, particularly with Shiba Inu’s Layer-2 scaling solution Shibarium attaining a new milestone.

Shibarium Reaches 1.3 Million Mined Blocks

Shibarium was created to provide lower gas fees and faster transaction times for Shiba Inu. As a result, the Layer-2 scaling solution has been well accepted by the Shiba Inu community since it launched, despite having a few hiccups after its early stages. Data from Shibariumscan revealed that Shibarium recently surpassed 1.3 million blocks mined and a total transaction of 3.574 million. 

The 1.3 million block milestone in such a short time shows the sheer capability and adaption of Shibarium. Each block has an average processing time of 5.0 seconds, demonstrating its efficiency and speed. In comparison, Bitcoin, the world’s largest cryptocurrency, has a block creation time of 10 minutes. 

Potential Price Impact For SHIB?

Past news around Shibarium has always positively affected the price of SHIB. Each new milestone and benchmark reached in developing Shibarium generates excitement and drives up the price of SHIB. 

Rumors surrounding its launch in August propelled SHIB to $0.00001137, although it has since lost most of those gains. At the time of writing, SHIB is trading at $0.000007484, and it appears to be on the verge of a price breakout that could retest its August highs. This would mean a 43% spike from its current price. 

According to data from DeFi aggregator DeFiLlama, the total TVL in Shibarium is now at $770,562. While this is low compared to its TVL of $1.47 million in late August, the new milestone and Shibarium’s continued adoption could also push up the TVL in the next few days. 

What’s Next For Shiba Inu?

The entire crypto market has had an influx of funds in the past few days, with Bitcoin leading the charge with a 24-hour increase of 10.37%. SHIB has also piggybacked on these gains and has had a few whale movements. 

4,544,030,677,374 #SHIB (32,142,200 USD) transferred from unknown wallet to unknown wallethttps://t.co/Y7jvL2qtJV

— Whale Alert (@whale_alert) October 21, 2023

Recent price action shows the crypto testing a minor resistance at the $0.0000076 level. A strong breakout could push SHIB to another resistance at $0.0000087 and then to its August high of $0.00001137.

With a thriving layer 2 ecosystem and a large community, Shiba Inu could transition from being just another meme cryptocurrency to cement itself as a leader in decentralized finance and payments. 

The digital assets markets experienced a consecutive fourth week of inflows from institutional investors. CoinShares data shows that a portion of the momentum observed can be attributed to an increasing expectation for the authorization of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States.

The aggregate value of assets under management (AuM) has experienced a notable surge, reaching $33 billion, denoting a 15% growth rate since the beginning of September. Nevertheless, investors are displaying a greater degree of prudence compared to their response to Blackrock’s announcement in June.

The latest influx of funds, although possibly associated with the prospective introduction of a spot bitcoin ETF in the US, is very modest in comparison to the inflows witnessed in June.

Coinshares: Digital asset investment products saw inflows for the 4th consecutive week totalling US$66m. Total AuM has now risen to US$33bn.

Solana saw a further US$15.5m inflows last week, bringing year-to-date inflows to US$74m, making it the most popular altcoin this year so…

— Wu Blockchain (@WuBlockchain) October 23, 2023

Bitcoin Leads Digital Assets: $315 Million Inflows This Year

According to the report, a significant portion of the inflows seen in the previous week amounted to $55.3 million, representing 84% of the total. This influx was specifically directed towards investment products related to Bitcoin. As a result, the cumulative inflows for Bitcoin products during the current year have reached a total of $315 million.

Solana experienced an additional infusion of $15.5 million during the previous week, resulting in a cumulative inflow of $74 million for the year. This notable performance positions Solana as the leading alternative cryptocurrency thus far in the current year.

On the other hand, and amidst persisting concerns, Ethereum faced a challenging week as it observed a significant outflow of $7.4 million. Notably, Ethereum was the only altcoin to encounter a decline in its financial performance during this period.

Other altcoins such as Cardano (ADA) and Binance Coin (BNB) saw small inflows of $0.1 million and $0.2 million, respectively.

James Butterfill, the Head of Research at CoinShares, pointed out that the inflows observed in the previous week have not yet achieved the same magnitude as those witnessed earlier this year when BlackRock initially submitted an application for a Bitcoin ETF.

Butterfill said:

“While the most recent inflows are likely linked to excitement over a spot Bitcoin ETF launch in the U.S., they are relatively low in comparison to the initial inflows following BlackRock’s announcement in June.”

Navigating The Digital Asset Landscape: Trends And Caution

Digital assets are becoming more and more popular, and many people are investing in them. However, some investors are being careful about these assets, and we don’t know if they will keep being cautious. We have to wait and see if the market will change and bring new trends or chances for investors in the next few weeks.

The world of digital assets is rapidly growing, with more and more people putting their money into cryptocurrencies and other digital investments. Despite this, some investors are still being careful and not rushing into things.

We can’t predict whether this cautious approach will continue or if the market will surprise us with new trends and opportunities in the weeks ahead. It’s an exciting time in the world of finance, and we’ll have to keep a close eye on how things develop.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Ledger Insights

The XRP price has experienced a strong upswing along with the entire crypto market in the past few hours. XRP has temporarily risen by more than 5%, approaching a crucial resistance zone that if broken could trigger a strong and impulsive “god candle”.

Renowned crypto analyst Egrag unveiled his latest technical analysis on XRP’s price trajectory, sparking excitement within the crypto community. Using the 3-day XRP/USDT price chart, Egrag brings attention to several pivotal moments and trends.”XRP Gods Candle, it is coming, tweeted Egrag.

The “Berlin Wall” Of Resistance For XRP Price

In his analysis, Egrag likened the XRP’s resistance level to the infamous ‘Berlin Wall’, describing the resistance as both formidable and tantalizingly close to a breakdown. “Fast forward to today, and XRP is still chipping away at what can only be described as its own ‘Berlin Wall’ of resistance. With each small pinch, this formidable barrier inches closer to its inevitable collapse,” stated Egrag.

The “Berlin Wall” at $0.5574 served as a strong support from May 2021 to May 2022. Egrag’s chart shows two critical moments when the price level served as important support. However, in early May 2022, the XRP price fell below this support level. After that, XRP was rejected at the Berlin Wall in two key moments.

After the summary judgment in the lawsuit between Ripple and the US Securities and Exchange Commission, the wall was overcome only for a short time, despite the first God candle. Within 4 weeks, the price fell back below the price level. Now, however, the wall seems to be crumbling and resistance is getting lower, Egrag believes.

The analyst highlights the potential upside of this impending breakout: “The potential breakthrough looming on the horizon promises to be nothing short of spectacular. My expectations are set on XRP’s forthcoming move, which I anticipate falling within the impressive range of $1.10 to $1.40.”

Egrag also emphasized the emergence of a distinct ‘W’ pattern in XRP’s price action over the past 2+ months. This pattern is historically significant, often linked to trend reversals and strong price momentum.

“Now, let’s take a closer look at the current technical analysis. It’s apparent that XRP is in the process of forming a distinct ‘W’ pattern,” Egrag noted, suggesting a bullish outlook, “This pattern suggests a measured move to approximately $0.65.”

The Rebounce

Furthermore, the $0.65 mark isn’t just a random figure in Egrag’s analysis. A successful move past this resistance can set the stage for a bullish trend, and a short-term retest of the $0.55 to $0.58 cents range. Egrag highlights the importance of this level, stating, “Our next significant milestone is around 65 cents, and a successful breach at this level would indicate a bullish trend.”

The climax of Egrag’s prediction centers around the potential for a “Rebounce” — a term he employs to describe a swift and robust bounce in the price of XRP. Should this Rebounce materialize, Egrag is optimistic about the coin reaching the $1.10 to $1.40 range.

Concluding his update with a message to the ardent followers of XRP, Egrag affirmed, “XRP Army STAY STEADY, Our moment in the spotlight is drawing near, and your unwavering commitment will soon be rewarded.”

At press time, XRP was trading at $0.5422 and was rejected on the first attempt at the 0.236 Fibonacci retracement level ($0.5539).

Dogecoin is climbing higher above the $0.065 resistance against the US Dollar. DOGE could rally over 20% if it clears the $0.070 resistance zone.

DOGE started a decent increase above the $0.0625 resistance against the US dollar.
The price is trading below the $0.0650 level and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.0650 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could start a strong rally like Bitcoin if it clears the $0.070 resistance.

Dogecoin Price Starts Increase

After forming a base above the $0.0575 level, Dogecoin price started a fresh increase. DOGE broke the $0.060 resistance zone to move into a positive zone.

The recent pump in Bitcoin and Ethereum also pushed DOGE further higher. There was a steady increase above the $0.0650 resistance zone. A high is formed near $0.0693 and the price is now consolidating gains. It is also above the 23.6% Fib retracement level of the recent increase from the $0.0574 swing low to the $0.0693 high.

DOGE is now trading above the $0.065 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0685 level. There is also a key bullish trend line forming with support near $0.0650 on the 4-hour chart of the DOGE/USD pair.

Source: DOGEUSD on TradingView.com

The first major resistance is near the $0.0685 level. The main resistance is near $0.070. A close above the $0.070 resistance might send the price toward the $0.0735 resistance. The next major resistance is near $0.0750. Any more gains might send the price toward the $0.080 level.

Are Dips Supported in DOGE?

If DOGE’s price fails to gain pace above the $0.070 level, it could start a downside correction. Initial support on the downside is near the $0.0665 level.

The next major support is near the $0.0650 level. If there is a downside break below the $0.0650 support, the price could decline further. In the stated case, the price might decline toward the $0.0632 level or the 50% Fib retracement level of the recent increase from the $0.0574 swing low to the $0.0693 high.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0665, $0.0650, and $0.0632.

Major Resistance Levels – $0.0685, $0.0700, and $0.0750.