- Bitcoin’s 0.87% rise, with large volume, indicates investors believe in the cryptocurrency despite warnings of potential reversals.
- Dogecoin is up 3.91% with the help of 60% volume surge, and the essential level of the trendline offer solid support.
- C13 and A13 indicators imply possible short term changes thus traders focus on watching market trends.
A market shift that occurred recently shifted focus from the cryptocurrency scene where both Bitcoin and Dogecoin enjoyed boosted investor confidence and positive technical patterns. As market enthusiasm went up, bitcoin soared above $104,000 and increased despite increased volatility, while dogecoin gained from a scaling of nearly 4% aided by an upsurge in volume and strong trendline support. The potential to reverse momentum and further technical signals to appear sends the watchers of the market to test how high these high profile cryptocurrencies can go before it witnesses serious resistance.
Bitcoin (BTC)
Bitcoin (BTC) is almost finishing the day in the green by a minor gain of 0.87% trading at $104.36 although there was a massive amount of volatility over the course of the day. Bitcoin rose above $104,500 around midday in its ongoing rise to within spitting distance of close to $105,000.The market capitalization reached a value of $2.07 trillion as a result of a huge degree of trading interest, as seen by trading volume that was $44.99 billion daily for 24 hours.
But with 19.86 million BTC, almost all of its maximum 21 million stock already in circulation, Bitcoin continues to attract attention as supply is declining and market activity is picking up. Although the day opened on losses, the recovery indicates that investors still believe in Bitcoin’s potential.
Source: CoinMarketCap
Ali observes that trading signals on the 12-hour Bitcoin perpetual contract chart have also emerged and point to the possibility of a reversal or consolidation after a strong bullish event. Following a drastic rise from less than $95,000 to exceed $104,0, This follows buy signals (A13) detected on 7 May that predicted the upward breakout accurately. Although bullish activity is still in play given the sequence of higher highs and persistence of white candlesticks, the presence of unbroken caution signs may be an indication of possible short-term fatigue or profit taking in the market. Watching the upcoming gun patterns will be vital to the traders who will want to confirm the prevailing trend.
Source: X
Dogecoin (DOGE)
Dogecoin advanced 3.91% over the past 24 hours, going for $0.2341 as of the current market data. The trading volume has increased by 60.46% to stand at $3.88 billion, which shows that investors enthusiasm for Dogecoin has been renewed. The market cap rose to $34.93 billion but with the circulation number 149.21 billion DOGE. There was a sharp turnaround to the upside on May 11 that got above $0.25 before reversing and settling near the $0.23 price. Dogecoin’s building momentum and-changing trends within the market indicate that there is going to be more market activity, probably due to speculative trading or movements across the rest of the crypto market.
Source: CoinMarketCap
According to Trader Tardigrade’s research, Dogecoin provides continued bullish prospects because it follows a clear upward trend line on the hourly chart. Every dip will be followed by a rebound to the trendline, coming in on green indicator, showing higher lows are being made. The price, after spurting up to test a local top near $0.265, has retraced to hold so far above the $0.23 trendline level. Clearly, the buyers’ optimism is maintained and the cryptocurrency has the trendline as a solid support level. The continuation of such a pattern can further bring more gains for DOGE provided the price doesn’t slip through this important support level.
Source: X
