USA Today – Riding the wave of optimism triggered by the recent surge to the $68,000 mark, the market is starting to show signs of recovery. One of the most important technical indicators is a potential golden cross on the way, and as Bitcoin takes the lead in this market rally, Dogecoin has been trying to break through important resistance levels.
This phenomenon occurs when the short-term moving average crosses the longer-term moving average, which usually signals a shift in the direction of bullish momentum. Dogecoin is currently trading close to the 100 EMA, an important level that, if breached, could signal that the recent bearish sentiment associated with the death cross is ending.
Previous occurrences of the short-term moving average being below the long-term moving average are called death crosses and indicate that a major downtrend may be imminent. But the market’s current optimism could turn that story around.
According to technical chart analysis, Dogecoin is currently testing resistance at the 100 EMA after trading above the 200 EMA. A break above this level could result in the 50 EMA crossing the golden cross above the 200 EMA, confirming the bullish trend and potentially triggering a long-term price increase.
77% of DOGE holders are currently making a profit at the current price point, and on-chain data confirms this optimistic assessment. The large concentration of major holders indicates that important market players remain interested and support the situation. Bullish indicators on the network’s on-chain indicators also show growing network activity, which often precedes price increases.
Bitcoin rises to $70,000
Bitcoin is currently consolidating near $68,000 and is poised for a larger price rally. The importance of this level is that if it is breached, a rise to $70,000 and a long-term price reversal are possible.
The importance of the $68,000 threshold cannot be overstated. It is an important resistance level, and breaking it could trigger a new round of buying pressure and cause Bitcoin to surge higher. Traders and investors are keeping a close eye on this level, which could signal a breakout that could signal the start of a bullish trend.
But you also need to consider active technical indicators. The convergence of the 50-day and 100-day exponential moving averages (EMA) suggests a possible crossover.
If the 50 EMA is below the 100 EMA, a bearish signal, also known as a death cross, may be observed. This could halt the upward momentum and lead to increased selling pressure. Despite the looming danger of a death cross, the market remains cautiously optimistic.
If Bitcoin manages to break above the $68,000 resistance, the psychological level of $70,000 will become Bitcoin’s next target. Reaching this milestone could accelerate price gains by attracting more institutional investors and retail traders. If Bitcoin continues to rise above $70,000, it may reach or even surpass all-time highs.
Backtrack slowly
Solana is consolidating around $185, a key point that could lead to a major breakout. A break above this level, which has proven to be an effective resistance point, could pave the way for the continuation of the long-term uptrend.
This phase of the consolidation shows that traders are paying close attention to the next move. If Solana manages to break above $185, a more ambitious $200 target may be achievable. Psychologically, this level may attract more customers, thereby increasing prices further. It is worth noting that the trading volume is not large at the moment. Sometimes, a drop in volume signals a possible reversal.
If buying pressure does not increase, Solana’s price may decline before attempting a breakout. While traders should monitor volume as it can provide additional insights into future moves, market sentiment remains cautiously optimistic.
This article was originally published in U.Today
