A Glimpse of Bitcoin, Ethereum, and Dogecoin Prior to the Fed Rate Decision Weekend

Bitcoin and Ethereum were trading mostly flat on Friday, while Dogecoin saw a significant increase in value. Investors and traders are closely watching cryptocurrency trends as the Federal Reserve’s interest rate decision could impact both traditional and digital markets. Bitcoin and Ethereum were consolidating within a sideways trading pattern, indicating a period of consolidation and confirmed by low trading volume. Ethereum and Dogecoin are currently in slight downtrends, but Friday’s doji candlestick patterns may suggest that the downtrend is coming to an end. Bulls hope to see increased bullish volume over the weekend to push the cryptocurrencies above previous highs, while bears want to see increased bearish volume to push them below the 50-day simple moving average, potentially leading to further declines. Bitcoin has resistance at $30,050 and $31,418, with support at $28,690 and $27,133. Ethereum has resistance at $1,937 and $2,020, with support at $1,825 and $1,717. Dogecoin attempted to break above the 200-day simple moving average but was rejected, suggesting the indicator may act as heavy resistance in the short term. The increase in Dogecoin’s value was accompanied by above-average volume, indicating renewed bullish interest. If sustained, this volume could push Dogecoin above the 200-day SMA, signaling a bull cycle. Bearish traders hope to see Dogecoin continue to reject the 200-day SMA and for increased bearish volume to push the crypto below the 50-day SMA, confirming a new downtrend. Dogecoin has resistance at $0.075 and $0.083, with support at $0.069 and $0.065.

Read the complete article

(Visited 4 times, 1 visits today)

About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

You Might Be Interested In

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *

This is default text for notification bar