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Bitcoin (BTC) May Hit $75K, Here’s How, Another Attempt at XRP Reversal, Dogecoin (DOGE) Tests $0.13 Again, But There’s a Problem According to U.Today
U.Today – took a major hit after hitting the $71,000 mark, losing 14% of its value and plunging below the $60,000 mark. However, there is a realistic possibility of a reversal in the near future as BTC has hit the lower threshold of the sideways market channel.
First, BTC price action points to a significant buy zone at $58,000, a historical support level. The 200-day moving average, or the black line on the chart, and this support level imply that a Bitcoin bounce may be imminent.
The volume profile shows more encouraging signs. Due to the recent decline, trading volumes have increased, suggesting that buyers are still very interested in the product at these low prices. Increased activity usually signals an impending price reversal because it is accumulation by investors anticipating future gains. Moving averages provide another layer of insight.
While these levels often serve as dynamic support and resistance zones, the chart indicates that Bitcoin is currently trading below the 100-day and 50-day EMAs. A break above these EMAs on Bitcoin suggests a possible trend reversal and a move in the direction of bullish momentum.
For now, there is no distinctive fuel for the asset, and it is unlikely to appear in the near future unless the ETF pushes the market forward as a whole.
gets ready
XRP is about to make another reversal attempt to break the downward trend that came after the prolonged sideways trend. We are aiming for the breakthrough of the 26 EMA and a substantial stabilization and reversal. However, momentum is what is really needed right now.
The chart indicates that XRP has been struggling to maintain its bullish momentum and has continued to fail to clear significant resistance levels. To suggest a possible trend reversal, XRP needs to break above the 26-day exponential moving average (EMA). This level served as a barrier and a successful breach could herald the start of a bullish phase.
Volume analysis reveals that traders have different opinions, however. Trading volume has occasionally increased, but not consistently enough to allow for a long-term uptrend. Significantly higher buying volume is needed for XRP to maintain its reversal attempt. This would give the market the momentum it needs to break out of resistance levels and maintain higher prices.
XRP is currently in the neutral zone, according to the Relative Strength Index (RSI). There is potential for an upward move because this shows neither overbought nor oversold conditions.
aim higher
Dogecoin will test the $0.13 price level in the coming days, suggesting the current market composition. A test of the 200 EMA level and a subsequent breakout is likely if there is enough momentum.
The 200-day exponential moving average (EMA) is represented by the $0.13 level on the chart, which indicates that Dogecoin has been struggling to break above significant resistance levels.
A successful break above this level, which has historically been a major resistance point, could signal a bullish reversal. There may be cause for concern as volume analysis indicates that trading activity has been relatively modest. Dogecoin requires a significant increase in buying volume to continue its uptrend.
The momentum needed to convincingly break above the 200-day EMA could be hampered by the lack of consistently high trading volumes. The relative positions of the 100-day and 50-day EMAs are also noteworthy. Dogecoin is currently trading below both of these moving averages, which typically indicates a downtrend.
But DOGE would be a very bullish indicator if it can muster enough buying pressure to break above these levels. Some additional information is offered by the Relative Strength Index (RSI).
The fact that Dogecoin’s RSI is currently circling around the neutral zone indicates that there is still potential for an upward movement without an overbought situation. A move above the 50-point RSI mark would increase confidence in a possible bullish breakout.