. Daily Crypto Analysis - Dogecoin Surges, Bitcoin Dips, Solana Soars.

Daily Crypto Analysis – Dogecoin Surges, Bitcoin Dips, Solana Soars.

Daily Crypto Analysis – Dogecoin Surges, Bitcoin Dips, Solana Soars.

27 Dec 2023

Introduction:

In the dynamic world of cryptocurrencies, Dogecoin and Bitcoin face contrasting trajectories. Dogecoin seeks a 7% rally despite trader skepticism, driven by an expanding network and increased daily activity. Meanwhile, Bitcoin faces downside potential with a retreat in price. Additionally, Ethereum grapples with rising selling pressure, while Solana’s remarkable 50% surge reshapes the crypto market landscape.

Dogecoin:

Dogecoin might see a 7% price rally, aiming to return to $0.10, despite prevailing negative sentiment among traders.

Dogecoin appears to be expanding its network as there is a consistent rise in new DOGE wallet addresses. The increasing network activity reinforces a positive outlook for DOGE price recovery. There is potential for a 7% rally in Dogecoin’s price, breaking through the resistance at $0.1061 during the ongoing uptrend.

Dogecoin observed surges in its daily active addresses on December 14, and 19, and in the recent week. This upturn strengthens the optimistic outlook for DOGE’s price recovery. The meme coin is poised to exceed its resistance and advance toward the $0.1118 level, previously recorded in December 2022.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.088 | Positive Crossover | Bullish
  • MA 20: 0.087| Positive Crossover | Bullish
  • MA 50: 0.084| Positive Crossover | Bullish

Simple:

  • MA 5: 0.087 | Positive Crossover | Bullish
  • MA 20: 0.088| Positive Crossover | Bullish
  • MA 50: 0.084| Positive Crossover | Bullish

RSI (Relative Strength Index): 58.25| Buy Zone |Bullish

Stochastic Oscillator: 26.58| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 0.089| R2: 0.103
  • S1: 0.081| S2: 0.070

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 0.092 | Take Profit: 0.103 | Stop Loss: 0.085.

Bitcoin:

The BTC/USD double-top pattern indicates further downside potential.

The BTC/USD pair declined as the recent bullish momentum waned. Bitcoin retraced to $42,000, slightly below the year-to-date high of nearly $45,000. Despite this pullback, it has registered a gain of over 150% in 2023.

The Bitcoin price experienced a retreat in the context of relatively low trading volumes during the ongoing holiday season. According to data gathered from Coin Gecko and Coin Market Cap, most brokers recorded reduced trading volumes in recent days.

The daily chart indicates a period of sideways movement for the Bitcoin price over the recent days. Although it has sustained a position above the 50-day moving average, a notable observation is the formation of a double-top pattern.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 42753.09 | Negative Crossover | Bearish
  • MA 20: 43460.98| Negative Crossover | Bearish
  • MA 50: 42730.78| Positive Crossover | Bullish

Simple:

  • MA 5: 42637.04 | Negative Crossover | Bearish
  • MA 20: 43460.75| Negative Crossover | Bearish
  • MA 50: 42370.98| Positive Crossover | Bullish

RSI (Relative Strength Index): 43.76| Sell Zone |Bearish

Stochastic Oscillator: 13.00| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 43012.37| R2: 44564.43
  • S1: 41460.31| S2: 39756.83

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion:  Sell Limit: 43088.08 | Take Profit: 41460.31 | Stop Loss: 44185.88.

Elsewhere In the Crypto Market

Ethereum’s price may face a decline due to increasing selling pressure. Solana’s price surged by almost 50% in the previous week, resulting in its elevation to the position of the fourth-largest asset by market capitalization, displacing BNB.

Bitcoin is down (0.3%) at 43,747, Ethereum is up (3.41%) at 2,316.4, Litecoin is up (2.95%) at 75.41, Solana is down (1.12%) at 111.30, Dogecoin is up at (0.55%) at 0.91 as of writing time.

Key Economic Events & Data Release Today:

No Major key events for today.