Monat: Dezember 2022

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Fingers crossed as Dogecoin retreats to the 200-day MA

  • DOGE has lost by double digits in the past week.

  • The cryptocurrency has been weighed by limited fundamentals around its use on Twitter.

  • DOGE faces further lows if it crashes below the 200-day MA.

Dogecoin (DOGE/USD) is again fighting off the onslaught of bears. With a weekly loss of 17%, the meme cryptocurrency is the biggest loser among its peers. Perhaps to underline DOGE’s status as a meme coin, the cryptocurrency has been labelled a “giant con” by CNBC’s Jim Cramer. It is easy to see why the decline has been immense for DOGE. Positive fundamentals have been hard to come by, and investors’ enthusiasm around DOGE’s use on Twitter has subsided.

DOGE fans could be a little disappointed as Elon Musk sends mixed signals around Twitter. The billionaire investor asked his followers if to step down as Twitter CEO. An overwhelming majority of 58% voted “Yes” supporting the proposal.

As you already know, DOGE has been earning support from Musk’s comments and views. His latest tweet does not augur well with DOGE since he relinquishes an important position in the social media giant. Will Musk be able to influence the use of DOGE in Twitter payment from a different role other than the CEO? That would be the question that DOGE fans would ponder. The negative sentiment around it could influence the price of Dogecoin. But investors will, at least, hope that DOGE does not crash below 200-day MA.

DOGE faces pressure as the selling continues below $0.09 support

DOGE/USD Chart by TradingView

Investors have been selling DOGE aggressively since tapping $0.11. That is indicated by the RSI reading shifting from above the midpoint to a near-oversold reading. 

From the daily chart outlook, the price has lost crucial support at $0.09, welcoming a bear market. DOGE has also crashed below the 50-day MA. The cryptocurrency now trades at the 200-day MA, an important level that could spell doom for bulls. 

Will DOGE trade lower or higher?

The next direction for DOGE price will depend on whether the 200-day MA will hold. If bulls resist bears, DOGE could roar back to $0.09. On the flip side, DOGE will head to $0.058 support.

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The post Fingers crossed as Dogecoin retreats to the 200-day MA appeared first on CoinJournal.

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Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal

  • Bitcoin was steady below $17,000 on Tuesday

  • A crypto analyst suggests a crossing of price above the 200-day as a bull signal

  • Bitcoin still lacks a directional movement, and further decline is possible

Bitcoin (BTC/USD) traded slightly below $17,000 on Tuesday, initially losing an opportunity to claim $19,000. A technical outlook shows that BTC has successfully defended $16,000 against the bears, signalling a potential reversal zone. But as the price once again stabilises, one key analyst recommends that investors wait for a key bullish signal.

Renowned crypto trader and analyst Kaleo tells Bitcoin enthusiasts to wait for a classic technical indicator for a bull market. According to him, Bitcoin initiates a bull market each time the price crosses above the 200-day moving average. He says although his strategy is simple, it has been a signature indicator on the BTC chart in its last cycles. Kaleo tells his followers to remain patient until the key signal pops up. 

But the analyst holds the view that Bitcoin could fall further. He sees a scenario where BTC consolidates and then declines to another low in a bear market. Kaleo says a bullish spike could occur somewhere in June 2023.

BTC gets rejected at the 50-day MA 

BTC/USD Chart by TradingView

On the technical front, BTC is steadying after a correction. The price was rejected at the 50-day MA, with the cryptocurrency lacking a directional bias in a bear market. The RSI has again fallen below the midpoint, signalling the entry of bears or bull exhaustion. 

Applying the 200-day MA on the daily chart, BTC trades way below it. It could take several months to see the price crossing above it. 

Which way is the BTC price?

From the technical outlook, BTC price could struggle for a while before we see a sustained bullish surge. If, indeed, BTC will become bullish when the price crosses above the 200-day MA, then we could wait longer for it to happen. Still, there is no indication that the bear market is nearing an end, although bulls remain strong at $16,000.

Where to buy BTC

eToro

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The post Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal appeared first on CoinJournal.