PakGazette – With its recent performance demonstrating strength above $100,000, it has been rising steadily. A more interesting insight can be seen on the chart: Bitcoin could still be in a covert downtrend. Despite not generating bullish sentiment, it has reached a higher high since its peak in late 2024. The descending trend line on the daily chart is the most telling indicator.
Bitcoin has not made a clear move above this barrier, indicating that there is not enough evidence to support a complete uptrend. To maintain its upward trend, Bitcoin needs to surpass its previous peak of around $110,000. Its price action remains in a mixed zone until then, and any rejection below this level could strengthen the hidden bearish trend. Bitcoin’s volume profile is another factor contributing to the uncertainty. It has yet to reach the levels seen during its previous peaks, despite a recent rise.
This may suggest that there is not enough purchasing power to push Bitcoin past its current resistance. However, Bitcoin’s ability to hold steady above the 50 EMA and maintain its value around $100,000 gives hope to the bulls. These levels serve as solid support and a breakout is still possible as long as Bitcoin remains above them.
Bitcoin is at an inflection point in the near future. The hidden bearish trend would be refuted and a break above $110,000 would signal a return to bullish momentum. On the contrary, it could confirm a broader correction if it fails to break above the trend line and falls below $9,000.
The potential advancement of
At around $0.40, Dogecoin successfully broke through a significant resistance level, indicating new optimism in the market. Furthermore, it is making an effort to cross the 50 EMA resistance, a crucial technical barrier that has kept the price down for weeks. There have been two recent attempts to break above the 50 EMA with this move. Despite its encouraging bullish momentum, DOGE has yet to establish itself above this level, so the coming days will be crucial for its price trajectory.
The $0.45-$0.50 range may be the target of a future upward move if Dogecoin can gain traction above $0.40 and maintain its momentum beyond the 50 EMA. This positive outlook is also supported by the volume data. Buying pressure has increased noticeably, which is necessary for DOGE to continue its current bullish attempt. However, the market remains cautious as a pullback to the support zone around $0.35 could occur if it fails to hold above $0.40.
The bearish trend that has existed since mid-December would be nullified if this resistance level were broken. A strong breakout would suggest that the bulls have regained control and could even lead to a larger rally. In the event that DOGE fails to maintain its position above the resistance, the bears may regain control and drive the price back down to $0.30 or below. In that case, DOGE would likely enter a prolonged consolidation phase.
still repressed
Since the price movement indicates little hope for the near future, Ethereum is still struggling in the market. The cryptocurrency has not produced any notable bullish momentum and has been stuck in a consolidation phase. With a current price of around $3,740, Ethereum has failed to regain its previous highs. Near $3,120, it recently rebounded from the 200 EMA, resulting in a brief rally of support.
But it is difficult to overcome the resistance levels at the 50 EMA: approximately, the $3,557 and $3,800 mark. The price has repeatedly failed to close above these crucial levels, indicating a lack of bullish momentum. The current volume also paints a gloomy picture, indicating little buying interest and fueling bearish sentiment. The likelihood of a deeper pullback increases if Ethereum fails to surpass the 50 EMA and gain traction above $3,800.
The 200 EMA, which has served as an effective defensive line for ETH so far, lies near $3,120, the next major support. Should a drop below this threshold occur, additional declines could be possible, possibly to $2,900 or lower. A successful breakout above $3,800, on the other hand, could reignite bullish sentiment and push Ethereum closer to the psychological level of $4,000 and higher.
