U. Today – With its latest performance showing a strength of over $100,000, it has been steadily rising. An even more interesting view can be seen on the chart: Bitcoin may still be on a subtle downward trend. Despite creating a bullish sentiment, it reached higher from its peak in late 2024. A daily downtrend line chart is the most telling.
Bitcoin did not make a clear move above this barrier, indicating that there is not enough evidence to support a full increase. In order to maintain its upward trend, Bitcoin needs to surpass its previous peak of around $110,000. Its price action remains in the mixed zone until then, and any rejection below this level could strengthen the hidden downtrend. Bitcoin's volume profile is another source of uncertainty. It still hasn't reached the levels seen during its previous peaks, despite the recent surge.
This may suggest that there is not enough buying power to move Bitcoin past its current resistance. However, Bitcoin's ability to sustainably hold above the 50 EMA and maintain its price around $100,000 gives investors hope. These levels act as strong support, and a breakout is likely as long as Bitcoin stays above it.
Bitcoin is at a turning point in the near future. The hidden downtrend will be broken and a return to bullish momentum will be indicated by a break above $110,000. Conversely, it may confirm a broad correction if it fails to break above the trendline and falls below $9,000.
Potential success
At around $0.40, Dogecoin successfully broke through the resistance level, showing the strength of the new market. In addition, it made an effort to cross the EMA 50 resistance, an important technical barrier that has kept the price low for weeks. There have been two recent attempts to break above the 50 EMA during this move. Despite its upward momentum, DOGE has not stabilized above this level, so the next few days will be important for its price.
The range of $0.45-$0.50 may be the target for a higher move in the future if Dogecoin can gain traction above $0.40 and maintain its momentum at the EMA of 50. This encouraging view is also supported by volume data. The buying pressure has increased significantly, making it necessary for DOGE to continue its current efforts. The market is still cautious, however, because a pullback to the support area around $0.35 is possible if it cannot hold above $0.40.
The bearish trend that has existed since mid-December will be canceled if this resistance level is broken. A strong breakout would suggest that the bulls are back in control and could lead to a major rally. In the event that DOGE cannot maintain its position above resistance, the bears may regain control and push the price back to $0.30 or below. In such a case, DOGE will probably enter a long-term consolidation phase.
still pressed
With its price movement showing little hope for the near future, Ethereum is still struggling in the market. The cryptocurrency has not produced any significant upward trend and is stuck in the consolidation phase. At the current price of around $3,740, Ethereum failed to regain its previous high. Near $3,120, it recently retook the 200 EMA, triggering a brief support rally.
But it is difficult to break through the resistance levels at the 50 EMA – around $3,557 and $3,800. The price has repeatedly failed to close above these important levels, indicating a lack of bullish momentum. A dreary picture is also painted by current volume, which shows little interest in buying and feeding bearish sentiment. The possibility of a deep recovery arises if Ethereum cannot break the EMA of 50 and gain traction above $3,800.
The 200 EMA, which has served as an effective defensive line for ETH so far, is located near $3,120, the next important support. If there is a break below this level, further drops are possible, reaching $2,900 or below. A successful breach above $3,800, on the other hand, could reignite the bullish sentiment and bring Ethereum closer to the psychological level of $4,000 and above.