U.Today – With its recent performance demonstrating strength above $100,000, it is on a steady rise. A more interesting view can be seen on the chart: Bitcoin could still be in a hidden downtrend. Although it has not sparked bullish sentiment, it has reached a higher high since its late 2024 high. The descending trendline on the daily chart is the most telling indicator.
Bitcoin has not clearly broken this barrier, indicating that there is not enough evidence to support a full uptrend. In order to maintain its upward trend, Bitcoin must surpass its previous high of around $110,000. Its price action remains in a mixed zone until then, and any rejection below this level could strengthen the hidden downtrend. Another factor contributing to uncertainty is Bitcoin’s volume profile. It has not yet reached the levels seen at its previous peaks, despite a recent rise.
This may suggest that there is not enough intense buying power to push Bitcoin past its current resistance. However, Bitcoin’s ability to hold above the 50 EMA and maintain its value around $100,000 gives hope to the bulls. These levels constitute strong support and a breakout is still possible as long as Bitcoin remains above them.
Bitcoin is at a turning point in the near future. The hidden downtrend would be refuted and a return to bullish momentum would be indicated by a breakout above $110,000. On the other hand, if it fails to break above the trendline and falls below $9,000, it could confirm a broader correction.
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At around $0.40, Dogecoin managed to break through an important resistance level, indicating a new uptrend in the market. Additionally, it is working to break through the 50 EMA resistance, a crucial technical barrier that has been keeping the price low for weeks. There have been two recent attempts to break above the 50 EMA with this move. Despite its encouraging bullish momentum, DOGE has not yet established itself above this level, so the next few days will be crucial for its price trajectory.
The $0.45 to $0.50 range could be the target for a future upward move if Dogecoin can gain ground above $0.40 and maintain its momentum beyond the 50 EMA. This positive outlook is also supported by the volume data. Buying pressure has increased noticeably, which is necessary for DOGE to continue its current bullish attempt. The market remains cautious, however, as a retracement towards the support zone around $0.35 could occur if it fails to sustain above $0.40.
The downtrend in place since mid-December would be canceled if this resistance level is broken. A strong breakout would suggest that the bulls have regained control and could even lead to a larger rally. In case DOGE fails to maintain its position above the resistance, the bears may regain control and push the price down to $0.30 or lower. In this case, DOGE would likely enter a long consolidation phase.
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With price action indicating little hope for the near future, Ethereum is still struggling in the market. The cryptocurrency failed to produce notable bullish momentum and was trapped in a consolidation phase. With a current price of around $3,740, Ethereum has failed to regain its previous highs. Near $3,120, it recently recovered from the 200 EMA, resulting in a brief support rally.
But it is difficult to break through the resistance levels at 50 EMA, around $3,557 and $3,800. The price has failed to close above these crucial levels on several occasions, indicating a lack of bullish momentum. A bleak picture is also painted by current volume, which indicates low buying interest and fuels bearish sentiment. The likelihood of a deeper retracement increases if Ethereum is unable to breach the 50 EMA and gain ground 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. Failure below this threshold could result in further declines, possibly reaching $2,900 or less. On the other hand, a successful breakout above $3,800 could reignite the bullish sentiment and bring Ethereum closer to the psychological level of $4,000 and above.