Dogecoin’s Technical Event

Dogecoin is on the verge of a significant technical event, indicating a potential shift in momentum as the 200-day Exponential Moving Average (EMA) crosses below the 100-day EMA.

This change suggests a bearish trend around the $0.12 level, where the probability of a protracted downtrend increases. If the 100 EMA remains below the 200 EMA, it could lead to a price decline in DOGE, deterring buyers while encouraging sellers. Historically, death crosses have often preceded extended price declines, although not all result in severe losses.

Key Price Levels for Dogecoin

Traders should monitor three crucial price levels:
– Immediate Resistance: $0.12, the level where the potential cross might occur. A failure to break above this could hinder bullish momentum.
– Support Level: $0.105, where DOGE has recently found support. A drop below this could signal increased vulnerability and a retest of lower levels.

Bitcoin’s Path to $70,000

Bitcoin is currently moving within a well-defined channel, increasingly indicating a potential rise towards $70,000. Key resistance levels to overcome are the 50-day and 100-day EMAs.

These EMAs have historically presented significant resistance, aligning with critical price zones traders are watching closely. If Bitcoin can decisively break above these EMAs, it would suggest strong upward momentum and might allow a test of the channel’s upper boundary, facilitating movement towards the $70,000 mark.

However, until the 50 and 100 EMAs are breached, Bitcoin’s price is likely to remain capped, preventing significant advances. Successfully exceeding these resistance levels could trigger a rally toward $70,000.

Ethereum Needs Another Push

Ethereum appears to be forming a bearish wedge pattern on its chart, which could threaten its current bullish momentum. This pattern is typically characterized by a contracting price range and declining volume.

As ETH moves within this wedge, upward price action often occurs; however, waning volume may signify reduced purchasing pressure. If the pattern holds, Ethereum could face a sharp drop, potentially reverting to earlier support levels at $2,600 or even $2,500.

While a generally bullish market has prevailed, a reversal in sentiment could be indicated by this potential decline. Traders should monitor ETH’s volume and price movements over the next three days.

Should Ethereum remain in the wedge while volume decreases, the probability of a breakdown increases. Conversely, if ETH breaches the wedge’s upper resistance with notable volume, it may prevent this bearish scenario and continue the uptrend.

This article was originally published on U.Today