DOGE is one of the top movers over the last seven days. The coin is still exhibiting its bullish trait at the time of writing, which may suggest more impending in value.
The cryptocurrency is seeing this significant push as a result of a strong fundamental. The ‘doge daddy’ decided to rebrand Twitter to X. In response to this announcement, assets affiliated with Elon Musk were on an uptrend.
The most recent uptrend also affected other crypto assets. The global cryptocurrency market was up by a small fraction in reaction to the small rallies that some altcoin had.
However, these fundamentals field to improve the global cryptocurrency market cap. It opened the previous week at 1.20 trillion. As it progressed it dropped to a low of 1.18 trillion. This was also the close, which indicates that the sector failed to record any significant changes in value.
With a focus on the new week, it is worth noting that the market is dull. This is due to the absence of any huge fundamentals that would impact prices. Nonetheless, some assets are showing huge potential at this time. Let’s examine them
Top Three Cryptocurrencies to Watch
BTC/USD
During the previous intra-week session, bitcoin did not see any significant increase or decrease in price. It is worth noting that a huge factor is the fact that it had very little volatility. The candle representing price actions during this period was also a small one with an extended wick. This means that the apex coin is recovering from a sharp decline in value.
It opened the previous week at $30,247. However, it’s failed to hold on to the $30k support for long as it slipped below it. Although it saw a slight recovery, this was not enough to erase the damage. It also failed to reclaim the lost level and did not feed her goal weight throughout the seven-day period.
On different occasions, BTC tried reclaiming the 30K support. For example, on Thursday it kicked off trading at 29900, and saw a sharp increase in buying volume as a result it attempted 30,500 but failed as it faced strong rejection at $30,400. As a result, it dropped below 30000 and closed with no significant increase or decrease in price.
Another key event that happened was on Sunday when BTC surged above 30K and closed at the mark. However, as with previous trends, it did not register any significant change in price.
With a focus on the new week, trading conditions are still bearish. Nonetheless, the assets under consideration is seeing huge volatility. For example, it opened Monday at $30k and dropped to a low of 28842. this marks the first time in more than 30 days it is slipping below 29,000.
Currently trading as 29362, the 29,000 support is one of the strongest to bank on over the next 6 days. This comes as indicators are showing no signs of a positive outcome. For example, the moving average convergence-divergence is still on a downtrend and RSI is at 42.
DOGE/USD
Dogecoin kicked off trading at $0.073 and experienced a massive surge in buying volume that shot it as high as $0.084. It is also worth noting that it attempted to break above its peak but failed as it experienced very strong resistance. As a result, it retraced to and is currently exchanging at $0.081. Nonetheless, it is still up by almost 10%.
In response to its latest feat, indicators are fully bullish. For example, the Moving Average Convergence Divergence is gradually approaching 0.002. The Relative Strength Index also broke out of it boundaries. It is currently at 72.
While many look forward to more increases, RSI readings are a warning of an impending correction that may take place within the next 42 hours. While this may cause huge fear amongst traders, there are key supports to keep an eye on. One such is the $0.077. Based on price movements,it is a tough mark and price may trade above it until the next price rallies.
However, if it fails, the altcoin may dip as low as 0.070. On the other hand, if DOGE continues the uptrend, it will retest the 0.090 resistance within the next 5 days. While this scenario may look far-fetched, the 50-day Moving Average is arched upwards which is a sign of an impending Golden cross.
