Dogecoin price has seen three major uptrends face blockade around the same hurdle. The most recent rally failed to breach this barrier, leading to a steep correction. The said retracement seems to have found a stable support floor, indicating a reversal.
Crypto prices remained sluggish today as Fed’s hawkish stance and economic woes continued to spook crypto investors. Barring Bitcoin, Terra and Solana, all other seven out of top-10 digital tokens were trading lower during the early trade. Cardano dropped 6 per cent, thanks to the profit booking in the counter.
Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective.
Sensex Nifty Today: HCL Technologies, SBI Life Insurance, TCS, Asian Paints and Ultratech Cement are among major gainers on the Nifty. Tech stocks on Sensex rise too. Investors’ wealth has soared by ₹8,58,979.67 crore in three days of a market rally.
U.S. stock futures were relatively flat Wednesday, one day after Wall Street broke a three-session losing streak driven by concern over a spike in Covid cases in the U.S. due to the now-dominant omicron variant.
European stocks are expected to open flat to higher today as investor focus turns to the Federal Reserve’s latest monetary policy decision. The U.K.’s FTSE index is seen opening unchanged at 7,229, Germany’s DAX 44 points higher at 15,527.
Bitcoin: Elon Musk, has been a consistent promoter of dogecoin, which is a meme-inspired cryptocurrency. Earlier in October 2021, Musk had revealed that he has invested in Dogecoin, Bitcoin and Etherium. But as per his recent statement, Musk is of the view that Dogecoin has an edge over Bitcoin and other cryptocurrencies and he sees dogecoin as the best cryptocurrency to transact with.
Ethereum price underwent a bearish breakout from a pennant pattern previous week. Bulls were picking up ethereum coins below $3,900, and with European equities firmly in the green this morning, expect some risk-on sentiment to set the tone in cryptocurrencies in the coming days.
After a downside break, bitcoin price extended decline below the $49,200 support. The price settled below the $49,500 level and the 21 simple moving average (H1). The bears even pushed the price below the $48,200 and $48,000 support levels.
Bitcoin price is currently hovering around a crucial barrier as bulls and bears hash it out. This fight for control shows indecision among the participants and is often formed before a volatile move. Short-term investors need to be cautious about the next move, therefore, so as not to be caught off guard.