Bitcoin Peaks At Highest Value In 2 Months Above $65,000: Bull Run Predictions

For the first time in nearly two months, Bitcoin (BTC) has surpassed the $65,000 mark, marking a significant recovery following two notable downturns in August and September. During these crashes, Bitcoin experienced a steep decline of 20% on two separate occasions, specifically on August 5 and September 6.  However, as October approachesa month often associated with a bullish resurgence for Bitcoinmarket predictions are increasingly optimistic, suggesting that the cryptocurrency might be gearing up for another major uptrend. Could Bitcoin Reach $79,000 In October? On Thursday, Bitcoin recorded a 3% increase within a 24-hour period, reaching a price of $65,500. This upward movement has sparked discussions among analysts about whether this signals the start of a parabolic bull run. Related Reading: BlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion  Crypto investor Scott Melker expressed this sentiment, emphasizing that Bitcoin is currently attempting to establish its first higher high since peaking at $74,000 in March of this year.  Melker noted that closing above $65,000 would confirm a new upward trend, transitioning from the lows of $50,000 observed in August. This patterna low, high, higher low, and higher highsuggests a bullish market structure replacing the previous bearish trends. Historically, October has been a strong month for Bitcoin, with analysts like Lark Davis pointing out that the average return during this month is approximately 22.90%.  If Bitcoin were to experience a similar increase this year, it could potentially rise to around $79,000, surpassing its previous all-time high and overcoming key resistance levels. Such a move would set the stage for a powerful rally into November according to Davis analysis. Record-Breaking Performance In September In a further analysis, Rekt Capital provided insights into Bitcoin’s recent performance. He noted that September, often viewed negatively, turned out to be the best September for Bitcoin on record, with a 9% increase.  Rekt also highlighted historical patterns related to Bitcoins Halving cycles, indicating that Bitcoin typically breaks out from its re-accumulation range approximately 154 to 163 days post-Halving.  Currently, Bitcoin is 159 days past its last Halving that took place in April of this year. Based on previous cycles, Rekt believes that this timing suggests that a breakout could be imminent, reinforcing the idea that Bitcoin is well-positioned for significant gains in the near future. Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First? The current resurgence can be attributed to the US Federal Reserve’s (Fed’s) dovish stance and recent 0.50% basis point (bps) interest rate cut on September 18, which was seen as a notable bullish catalyst not only for BTC but also for the broader market, which has followed Bitcoin’s performance to the upside in recent days.  In addition, last week saw a resumption of inflows into the Bitcoin ETF market, following steady outflows throughout August and early September. For instance, US spot Bitcoin ETFs had a total net inflow of $106 million on Wednesday, continuing their net inflows for 5 consecutive days. BlackRock’s IBIT ETF had an inflow of $184 million. Overall, there seems to be a combination of bullish catalysts in place for the market’s largest cryptocurrency to continue its recovery, with massive gains expected in the last half of the year and early 2025.  Featured image from DALL-E, chart from TradingView.com

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Massive Bitcoin Rally Predicted For Next 6 Months After Fed Rate Cut

As the crypto community awaits the Federal Reserve’s (Fed) rate cut announcement on September 18, the stakes are high for Bitcoin (BTC) and the broader financial landscape. This upcoming decision marks the first central bank rate cut since the Fed slashed its key rate to near zero in March 2020 amid the COVID-19 pandemic.  Will A [...]

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Bitcoin Alert: Analyst Predicts New Blood Monday With 0.50% Fed Rate Cut Looming

As Bitcoin (BTC) grapples with a challenging market environment, it has struggled to regain momentum, hovering around the $53,000 and $60,000 levels for six consecutive weeks.  After losing the crucial $70,000 threshold on August 1, the largest cryptocurrency remains at risk of further declines, particularly with the upcoming Federal Reserve (Fed) meeting on September 18, [...]

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Bitcoin Price Forecast: Trump Win Could Boost BTC To $125,000, Standard Chartered

Geoff Kendrick, the Head of Crypto Research at Standard Chartered Bank, has put forth bullish predictions regarding the Bitcoin price trajectory in the event of the 2024 US presidential election.  Bitcoin Price Predictions Soar According to a CNBC report, Kendrick posits that a potential re-election of Donald Trump could propel Bitcoin to a staggering $125,000 [...]

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Bitcoin Shakeout Ahead: Analysts Predict Final Dip Before Bull Run Resumes

The Bitcoin market has seen some consolidation since Monday, maintaining a price above the $56,000 mark after a brief drop from $65,000 to around $52,600 last Friday.  However, one analyst suggests that the bearish sentiment may still be ongoing, with expectations of a potential revisit to lower levels before a significant upward movement. BTCs Future Price Action In Focus Crypto analysts known as VirtualBacon on X (formerly Twitter) have raised concerns about an impending huge Bitcoin shakeout. In the coming 2-3 weeks, the analyst explains that Bitcoin could experience one last decline before initiating a bull run.  Panic is everywherepeople are calling for lows in the $40,000s, claiming the bull run is over, VirtualBacon noted. Yet, he argues that whether Bitcoin dips to $45,000, $48,000, or even $43,000, a bull run remains on the horizon. This period often sees a shakeout of many holders right before significant rallies. Related Reading: Solana (SOL) Surges Past $130 Resistance As Funding Rate Signals Bullish Momentum While the current charts indicate lower highs and lower lows, suggesting a downtrend, VirtualBacon believes that a prolonged bear market appears unlikely. The primary driver of this sentiment is the anticipated liquidity injection and interest rate cuts by the Federal Reserve, conditions that typically favor a bull run, particularly looking ahead to 2025. Another crucial aspect of VirtualBacons analysis lies in Bitcoin’s key support levelthe 100-week Exponential Moving Average (EMA). This level has historically marked the end of bear markets, with Bitcoin bouncing off similar levels in 2015 and 2019.  Currently, this support level sits around $45,000, with various technical indicators, including Fibonacci retracements and high-volume nodes, suggesting strong support in the $43,000 to $49,000 range. Even if Bitcoin does dip into this range, the analyst believes it would likely be a temporary “wick” rather than a sustained drop. VirtualBacon also highlights that some traders speculate about around $50,000 to $51,000. However, this could be risky; a touch at these levels might trigger a cascading liquidation event that could push prices to $44,000. How Upcoming Fed Decisions May Fuel Bitcoin Bullish Momentum Historically, September has been a weaker month for Bitcoin. However, the upcoming monthsOctober, November, and Decembertend to show more bullish trends. VirtualBacon notes that over the last decade, eight out of ten Octobers have ended positively for Bitcoin, with November also historically strong. The backdrop of this market analysis coincides with the Federal Reserve’s upcoming Federal Open Market Committee (FOMC) meeting, where the analyst predicts a 70% chance of a 25 basis point rate cut and a 30% chance of a double cut.  VirtualBacon notes that this could initiate a 12-month liquidity injection cycle that typically boosts risk assets like BTC and propels the leading cryptocurrency above current all-time high levels of $73,700. Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December Despite the prevailing fear in the market, as the Fear and Greed Index indicates, the analyst argues that this fear may be irrational, especially with the impending monetary policy shifts. As the Fed begins to cut rates, sentiment is expected to shift rapidly, potentially leading to renewed interest and investment in Bitcoin. BTC trades at $56,930 when writing, recording a slightly 0.7% gain in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

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MicroStrategys Michael Saylor Reveals Bitcoin Holdings Top $1 Billion

In a bold display of faith in the future of the largest cryptocurrency on the market, Bitcoin (BTC), MicroStrategy co-founder and executive chairman Michael Saylor has disclosed that he owns around $1 billion. Saylor’s Bitcoin Vision Unshaken In a recent interview with Bloomberg Television, Saylor disclosed that he has been steadily accumulating Bitcoin over the [...]

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Bitcoin Price Breaches $62,000: Market Reacts To Powells Speech

In a week marked by economic anticipation and turbulence, the crypto market experienced a rollercoaster ride as the Bitcoin price surged and retreated in response to Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Economic Symposium. Bitcoin Price Rallies On Powell’s Dovish Tones Powell’s remarks struck a dovish tone, indicating that the central bank is open to further interest rate cuts in the coming months to address potential cooling in the labor market. This stance was positive for risk assets like Bitcoin, as it signals a more accommodative monetary policy stance from the Fed. Related Reading: Algorand Achieves New Record With 2 Billion Transactions, ALGO Price Jumps 14% Indeed, the Bitcoin price rapidly breached the $62,000 mark, a level it had not seen in over a week, as investors reacted positively to Powell’s comments. However, the rally was short-lived, as the price subsequently retreated to around $60,800. According to crypto analyst Inspo Crypto, Bitcoin now faces a critical juncture:  We have to wait and see if Bitcoin consolidates below $61,000 again or heads towards the lower end of the upward channel, which is right at $60,000. If that breaks, we still have a safety net at $59,500. However, if BTC stays above $61,000 and the selling pressure eases, it could be an interesting and, above all, bullish weekend. Key Indicators Flip Positive Another analyst, Rekt Capital, noted that the Bitcoin price still lacks a daily close above $62,000, which would be needed to confirm a continuation of the recent price recovery.  However, Rekt Capital suggested that Bitcoin could form a bullish flag pattern, similar to the one seen in early March 2024, which could enable a move towards $65,000 or higher over time. Market expert Ali Martinez highlighted a positive development, noting that Bitcoin’s bull-bear market indicator has switched back to bullish after oscillating between bearish and bullish territory since early August.  This, Martinez suggests, could further bolster the case for continuing the price recovery witnessed over the past two weeks after Bitcoin briefly dipped to a 6-month low of $49,000 earlier this month. Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, Whats Going On? Looking ahead, Martinez has identified two crucial resistance levels to watch for Bitcoin: $64,045 and $66,250. According to Martinez, if the cryptocurrency can maintain support at $60,365, a move toward these higher price points could be in the cards.  https://www.tradingview.com/x/V0tMHEUY/ For now, the Bitcoin price seems to have stabilized around $61,600 after the notable spike in volatility minutes after Powell’s speech. CoinGecko data shows that the largest cryptocurrency on the market is still up 2% in the 24-hour time frame.  It will be important to watch what price BTC closes the day at, as it will be important to gauge the next week’s price movement before the expected monthly close.

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Bitcoin Could Target $63,000 But Must First Clear This Vital Resistance Level

After experiencing a significant 25% pullback earlier this month, plunging to the $49,000 level, the king of cryptocurrencies, Bitcoin (BTC), has managed to consolidate above the crucial $60,000 support for the last 24 hours. However, Bitcoin’s journey toward further price appreciation has been without obstacles. The digital asset has been unable to surpass higher resistance [...]

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Is A Bitcoin (BTC) Negative Correlation With Stocks A Bullish Signal? Analyst Reveals 

Bitcoin (BTC) and U.S. stocks have shown a negative correlation lately, with Bitcoin often moving in the opposite direction of traditional markets. This divergence has caught the attention of analysts and investors, especially as the cryptocurrency enters a period of consolidation along with the broader crypto market. Historically, shifts in this correlationfrom negative to positivehave often signaled a bullish trend for Bitcoin.  Related Reading: Battleground At $60,000: Bitcoin Faces Pivotal Test As Bulls Aim To Reclaim Key Support As both markets face challenges, the changing dynamics between BTC and U.S. stocks could provide crucial insights into where the market is headed. Investors are closely watching this relationship, anticipating that a shift could indicate a potential breakout for Bitcoin. Bitcoin Data Suggests Potential Uptrend The negative correlation between Bitcoin (BTC) and the U.S. stock market, particularly the S&P 500 (SPX), has become increasingly evident. Prominent analyst and trader Daan on X recently highlighted this phenomenon by overlaying the BTC/USDT futures chart with SPX prices. His analysis shows that while traditional markets like the SPX have experienced a swift recovery, Bitcoin has not followed suit. This divergence underscores the decoupling between these two markets, with Bitcoin lagging behind the broader stock recovery. Another key analyst, Caleb Franzen, brought attention to this trend, sharing data revealing Bitcoins negative correlation with major stock indices. Specifically, Franzen points out that the 90-day correlation between Bitcoin and the Nasdaq-100 ($QQQ) currently stands at -27%. This negative correlation suggests that as tech stocks recover, Bitcoin has been moving in the opposite direction, which can signify unique market dynamics. While periods of negative correlation between Bitcoin and stocks are not inherently bullish, historical evidence suggests that positive market shifts often follow such phases. The critical point for investors is to monitor a potential reversal of this correlationwhen Bitcoin begins to move in tandem with the Nasdaq-100 ($QQQ) once again. If Bitcoin’s correlation with tech stocks turns positive, it could signal a strengthening market and a possible uptrend for BTC. This shift could provide a key indicator for timing potential entry points in the market. BTC Price Trading Below A Key Indicator Bitcoin trades at $59,350, below the critical daily 200-day moving average (MA) at $62,915. This moving average is a key indicator many analysts use to gauge market trends. When BTC’s price is below the daily 200 MA, it typically suggests a downtrend or a significant correction. Conversely, trading above this level indicates market strength and bullish momentum. For Bitcoin to confirm the continuation of its bull market, it needs to reclaim the daily 200 MA and consistently close above it. This would signal a potential shift in trend, providing confidence to traders and investors that the bullish phase is still intact. Currently, BTC is hovering around the key psychological level of $60,000, and the market remains in a consolidation phase after enduring months of uncertainty and volatility. For the bullish scenario to unfold, Bitcoin must break above $63,000, retaking the daily 200 MA and surpassing the August 8th local high of $62,729. This would mark a significant recovery and indicate that the market is regaining its strength. Related Reading: Battleground At $60,000: Bitcoin Faces Pivotal Test As Bulls Aim To Reclaim Key Support On the other hand, if BTC fails to close above $57,500 in the coming days, it could signal further downside pressure, potentially leading to a pullback to sub-$50,000 levels. The coming days will be crucial in determining whether Bitcoin can regain its upward momentum or if more bearish pressure lies ahead. Cover image from Dall-E, charts from TradingView.

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Bitcoin Price Action Watch: 3 Pivotal Zones That Could Sway BTCs Next Move

As the Bitcoin price consolidates below the $60,000 threshold, the market has been characterized by a mix of indicators and technical levels, leading to a divided forecast and heightened uncertainty. Mixed Signals Cloud Bitcoin Price Trajectory According to Bitcoin maximalist Mark Cullen, the current Bitcoin price action presents a complex technical picture. He suggests that the $57.5,000 level will likely be tested, and the key question is whether it will hold.  Cullen believes it will, at least initially, before potentially breaking lower. He also highlights the importance of the $59,500 level, stating that if Bitcoin can push through, it would be a strong signal to heavily long the asset with a tight stop-loss below. Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum? However, Cullen also warns of the potential for a sweep of the liquidity below the $54,500 level, which could pave the way for a move to new lows in the $40,000 range if that level is breached. Crypto analyst Axel Adler also points to a similar picture, highlighting that as the Bitcoin price currently trades below its 200-day simple moving average (SMA), this could lead to further bearish continuation for BTC. According to Adler’s analysis, the next support level is the 365-day SMA at $50,000. What Do BTCs On-Chain Fundamentals Say? Compounding the technical uncertainty, the data intelligence platform Glassnode has reported that Swissblock’s Bitcoin Fundamental Index (BFI) moved from positive to neutral territory last week.  According to the platform’s co-founders Yan Alleman and Jan Happel, this shift reflects the uncertainty surrounding the Black Monday event and the post-Consumer Price Index (CPI) bull trap felt on the chain. The BFI, composed of two sub-metrics measuring network liquidity and network growth, has recently shown a bifurcation. While network liquidity has dropped into neutral territory, network growth has risen, painting a complex picture of Bitcoin’s fundamental outlook. Related Reading: XRP Price Set To Breakout: Will It Trigger A Strong Rally? Alleman and Happel note that the drop in network liquidity, while concerning the short term, is not necessarily a bearish signal in the long run. They explain that increased network liquidity is desirable, as it enhances Bitcoin’s functionality as a medium of exchange. However, the rise in network growth is seen as a strong bullish sign, indicating that more players interact with the Bitcoin network on an entity-adjusted basis. This effectively creates a deeper pool of crypto-native capital, which could support the asset’s long-term valuation. The Glassnode co-founders stated: Given the current store-of-value ‘digital gold’ narrative and the increased ease of getting BTC exposure via ETFs, CEXes, etc., rising network growth is a strong bullish sign. When writing, the Bitcoin price is $58,680, down over 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

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Massive Mt. Gox Bitcoin Shift Unlikely To Disrupt Prices, Says CryptoQuant CEO

Recent developments surrounding the repayment of creditors and investors of the defunct Bitcoin (BTC) exchange, Mt. Gox, have sparked concerns about potential effects on Bitcoin’s price.  As the market retraced over 20% from its three-month high above $70,000, the movement of 47,000 BTC to repay creditors has raised questions about the market’s stability.  However, industry [...]

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Glassnode: Bitcoin $110,000 Target Holds, Breaking These Key Levels Crucial To Avoid Crash

Bitcoin (BTC) experienced a significant drop, reaching as low as $56,700 on Thursday. This price level has not been seen since May 1st, as Bitcoin faces several challenges, including US political uncertainties and the ongoing sell-off of BTC seized by the German government. These factors have contributed to a nearly 20% price correction for Bitcoin, [...]

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Bitcoin Accumulation: Whos Been Buying Up All The BTC Dumped By The German Government?

Bitcoin went on a downward spiral in the first week of July to strike a bottom below $54,000 amidst an exacerbated selloff by some large holders. Various reports using on-chain data have blamed the selloffs on the German state of Saxony selling the bitcoins it seized earlier in the year. Related Reading: Bullish Bitcoin Indicator Which Led To A Reversal Has Returned, Is $70,000 Possible? Despite this considerable selloff, Bitcoin has primarily held its ground, and bulls have been successful in preventing additional price drops. According to on-chain data, Bitcoin’s standoff can be attributed to some whales, as many of them jumped on the price decrease to top up their holdings. Notably, Bitcoin whales added 71,000 BTC to their wallets this week.  Bitcoin Whales Acquire 71,000 BTC This Week This week, Bitcoin whales went on an absolute feeding frenzy by accumulating a whopping 71,000 BTC from crypto exchanges. While the German state of Saxony was busy offloading its crypto stash, these big players were more than happy to add to their already massive holdings.  This interesting activity from the whales was first noted on social media platform X by IntoTheBlock. A look at the chart below shows that the accumulation was at its peak during Bitcoin’s 15% drop from $63,600 on July 1 to $53,905 on July 5.   In addition to the whale accumulation, Spot Bitcoin ETFs witnessed steady inflows during the week despite the decline in the spot price. The funds recorded positive net flows every day during the week, with the largest net flow of $310 million on July 12.   Bitcoin Holding Up The German state of Saxony sold over $2 billion worth of Bitcoin last week and flooded the market with many BTC. When this selloff initially started, many traders and market participants were skeptical about whether an already bearish Bitcoin could survive the selling pressure. Many analysts were even anticipating a price decline towards $47,000. On the other hand, other analysts believed that the selloff was exaggerated. Despite this back-and-forth scene, Bitcoin managed to scale through the selloff and absorb the impact of the selloff better than many would expect. This showed that the cryptocurrency has now achieved stability, preventing further price declines. It also highlights the growing maturity of the crypto market, which has been characterized by a high level of volatility over the years. A $2 billion selloff is very small compared to Bitcoin’s market cap of $1.18 trillion. To break it down, that $2 billion represents less than 0.2% of Bitcoin’s total market cap. Related Reading: Analysts Unanimous: Solana (SOL) To Soar 100% Details At the time of writing, Bitcoin is trading at $59,960. The bulls are now setting their eyes on breaking above $60,000 again. Breaking and holding above $60,000 would set the stage for a further price increase in the coming week.  Featured image from Getty Images, chart from TradingView

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Crypto King Reclaims Throne: Bitcoin Soars To $71,000, How Much Higher Can It Go?

Bitcoin (BTC), the largest cryptocurrency in the market, has once again surged past the significant milestone of $70,000. After a brief period of consolidation between $67,000 and $69,000, the price faced strong resistance at this level.  However, the bullish momentum suggests that Bitcoin may consolidate above $70,000, paving the way for a potential retest of [...]

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Bitcoin and Gold Are Breaking Down Near S&P 500 Highs, Analyst Alert

Bitcoin is outperforming the S&P 500 in Mike McGlones view, but it is weakening relative to gold, thus showing deeper market risks.

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Key Support at $0.28 May Influence Stellar (XLM) Price: Analyst

Stellar (XLM) stands close to $0.28 support and technical indicators are mixed, causing experts to pay close attention.

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QNT Price Surges Above $90 Support, Eyes $138.23 Resistance Next

Quant Network (QNT) is trading at $94.38, with a 24-hour volume of $15.36M and a market cap of $1.12B. Although QNT declined 2.54% over the past week, it has gained 4.48% in the last 24 hours. This recent upward movement may indicate growing bullish momentum. The near-term behavior of the token is indicative of revived […]

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Dogecoin Forms Symmetrical Triangle, Rally On The Horizon?

Amidst a significant surge displayed by Dogecoin (DOGE) recently, popular crypto analyst Crypto Daily Trade Signals has identified a symmetrical triangle pattern in the price movements of the crypto asset, indicating a possible continuation of the present rising trend. Based on the expert analysis, Dogecoin, which has attracted a lot of attention and interest from investors lately, may be preparing to build on its current momentum and make more gains. Significance Of Dogecoin Symmetrical Triangle Pattern A symmetrical triangle chart pattern is a consolidation phase that precedes a forced breakout or decline in price. A new bearish trend begins with a breakdown from the lower trend line, while a new bullish trend begins with a breakout from the upper trend line. Related Reading: Dogecoin Successfully Breaks Out Above $0.153, What Next? According to the analyst, the symmetrical triangle pattern presents a major obstacle for DOGE at the $0.1545 price level. At the same time, the 50-day Exponential Moving Average (EMA) continues to provide support at the $0.1513 level. Even though the current market price is above the 50 EMA and suggests a bullish bias, Crypto Daily Trade Signals noted that Dogecoin has to surpass the resistance level of $0.1595 in order to confirm that the upward trend is continuing.  This perspective is further strengthened by the Relative Strength Index (RSI), which is currently above the 50 EMA and supports a purchasing trend. The post read: Dogecoin has formed a symmetrical triangle pattern, presenting a significant hurdle around the $0.1545 mark. Simultaneously, support persists around the $0.1513 level, reinforced by the 50-day EMA. The expert highlighted that DOGE is at a pivotal point around $0.15100 on the 4-hour chart, indicating a bullish momentum, and an immediate resistance at the $0.15950 mark. The first obstacle to be cleared is the immediate resistance at $0.15950, which is followed by the $0.16980 and $0.18440 levels. Although caution is advised if DOGE drops below the pivot point, the RSI’s current position indicates an opportunity for more profits. Thus far, the upward trend is supported by a firm base provided by the 50-day EMA around $0.15130. Meanwhile, on the negative side, $0.14270 provides immediate support, while $0.13240 and $0.12030 provide additional levels of support, with the RSI at 53, which denotes neutral conditions. Is $12 DOGE Possible? Crypto analyst Javin Marks has also shared insights on Dogecoin’s recent price action, predicting a potential massive rally to $12. According to the expert, based on previous breakouts and runs, DOGE has maintained its broken status once more. Related Reading: Is Dogecoin About to Take Off? Indicators Suggest Upward Momentum Ahead These runs have become bigger one after the other, and the last run recorded over 20,000% upsurge. Given the nature of the runs, Javon Marks anticipates the recent run, which might be in its early stage now, to be bigger than the last one. As a result, the expert experts DOGE to reach $12 or even higher following the run. Also, Marks noted that after the run has concluded, DOGE could see another massive rise of over 7,500%. Featured image from iStock, chart from Tradingview.com

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How Bitcoin Bull Flag & Profit-Taking Signals Signal a Rally to New Price Highs

Bitcoin is currently displaying a bullish flag pattern, indicative of a potential breakout to new price highs in the near future. After experiencing a standard profit-taking phase, Bitcoin is poised for a rally that could push its price to unprecedented levels. The bullish flag pattern is a continuation pattern that usually signals a brief consolidation [...]

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Dogecoin Successfully Breaks Out Above $0.153, What Next?

Bulls in Dogecoin (DOGE) seem to have stepped up their game as the daily price chart of the biggest meme coin in the world is trending positively, fueling speculations about an impending rally. Kevin Capital, a cryptocurrency market expert and enthusiast has offered insights on DOGE’s price action, confirming an effective break out for the crypto asset, as it surpasses the $0.153 resistance level. Dogecoin Surpasses the $0.153 Resistance It is noteworthy that the crypto analyst Kevin previously predicted that for Dogecoin to move higher it needs to break above the $0.153 level and the 200 Simple Moving Average (SMA) in the 4-hour timeframe. “When it comes to Dogecoin all DOGE needs to do to have a higher chance of playing out the potential inverse head and shoulders is a break above the 4-hour 200 SMA and the $0.153 level,” he stated. Related Reading: Unlocking The Dogecoin Code: One Factor Holds The Key To Its Next Ascent At the time, Kevin noted that DOGE has repeatedly tried to reach this moving average and has been turned down. Thus, should the crypto asset break out of and maintain this moving average, he expects an upswing to the $0.22 price level. According to the analyst, the development has successfully manifested today, as the digital asset has surpassed the $0.153 level and the 200 moving average. Given Kevin’s prognosis, Dogecoin will have to sustain this area to see a further upsurge. If DOGE manages to hold during any prospective backtest and thereafter, Kevin has placed his inverted head and shoulders target at $0.18 and $0.22, if it is within reach. The post read: Update on the Dogecoin chart. We have officially broken above the $0.153 level and the 200 SMA on the 4HR. We need to hold this area on any potential backtest and then .18 cents and the inverse head and shoulders target of $0.22 cents if right in reach. This accomplishment coincides with a spike in the meme coin market’s favorable sentiment, which indicates increased investor trust and interest in these digital assets. With breakouts and decouplings occurring all over the place over the past few days, meme coins had an eye-catching start to the week. Several Support Levels For DOGE And Their Significance Dogecoin’s recent price upswing has triggered an optimistic outlook from multiple crypto experts. Another analyst who has shared a positive prediction for the meme coin is Crypto Daily Trade Signals. Crypto Daily Trade Signals has delved into the current support levels for DOGE and the potential price trajectory following a breakout. According to the channel, the 50-day EMA at $0.1652 is serving as a resistance level at the moment. Should DOGE break past this barrier, it could trigger the start of a bull run for the coin. Related Reading: DOGE Price Prediction Dogecoin Reaches Make-or-Breaks Levels Furthermore, the channel noted that the 100-day EMA around $0.1434 is presently offering support, indicating that DOGE has a cushion against additional drops. Meanwhile, the 200-day EMA is acting as a strong long-term support level at $0.1237. During the time of writing, Dogecoin was demonstrating an upward momentum of over 6% in the past week, trading at $0.1549. Its trading volume and market cap have both increased by over 11% and 3% respectively in the past day. Featured image from iStock, chart from Tradingview.com

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