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Dogecoin Gains Ground While Bitcoin Stays Near $46,000
Dogecoin is currently trying to settle above $0.26 while Bitcoin pulls back after yesterday’s rally.
Bitcoin managed to settle above the resistance at $44,000 and tested the next resistance level at $46,000. Bitcoin failed to settle above $46,000 during the first test of this resistance level, but it will likely continue its attempts to settle above this level as the upside momentum remains strong.
Meanwhile, Ethereum continues its upside move. Currently, Ethereum is trying to settle above the resistance level at $3125. XRP is testing the resistance at $0.82.
In general, the market mood remains bullish, which is positive for all cryptocurrencies, including Dogecoin. Bitcoin’s move above the resistance area at $40,000 – $42,000 served as a key catalyst for crypto markets, and it looks that traders will try to push cryptocurrencies to new highs in the upcoming trading sessions.
Technical Analysis
Dogecoin received support near $0.25 and is trying to move above $0.26. In case this attempt is successful, Dogecoin will get to the test of the nearest significant resistance level at $0.2630.
A move above the resistance at $0.2630 will open the way to the test of the next resistance level which is located at $0.2670. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
If Dogecoin gets above the resistance at $0.2670, it will head towards the next resistance at $0.2750. No important levels were formed between $0.2670 and $0.2750 so this move may be fast.
On the support side, the previous resistance level at $0.25 will serve as the first support level for Dogecoin. In case Dogecoin declines below the support at $0.25, it will head towards the next support level at $0.24. A successful test of the support at $0.24 will push Dogecoin towards the support at $0.2350.
From a big picture point of view, the trading volume has increased materially in recent days which indicates that Dogecoin has attracted significant interest and has good chances to continue its upside move.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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