The cryptocurrency market, including Bitcoin and Dogecoin, is expected to halt after its recent comeback rise as participants struggle to keep their feet on the ground. The worldwide market lost 2.12% on Thursday, falling below the $1 trillion level to $978.07 billion at 10:20 am EST Friday.
The 24-hour volume of all cryptocurrencies is $85.33 billion, down 11.17 percent from the previous day. DeFi’s 24-hour volume is $3.86B, or 4.53% of the entire cryptocurrency market.
Who has gained or lost the most?
Dogecoin($0.082) and Klaytn($0.25) have seen the greatest increases in value over the past 24 hours, up 7.1% and 5.4%, respectively, among the top 100 cryptocurrencies. Aptos ($8.15) and Toncoin ($1.65) are the two biggest losers, both down 12% and 7.3%, respectively.
For the previous two months, the Bitcoin price has oscillated inside a falling triangle pattern. The recent crypto market recovery supported a bullish breakout from the pattern’s resistance trendline, despite the fact that this pattern often favors the continuation of the past decline.
The price increase after the retest was 7.8 percent, which was enough to break through a horizontal resistance level at $20335. But over the past two days, the coin’s value has retraced to retest the broken support. A long downward price rejection candle formed today on the daily chart, suggesting that the coin is finding its footing around the $20335 level.
Bitcoin’s current price is $20503, up 1.03% from its opening price. Continued buying should push prices above the $22500 supply zone.
Dogecoin Price Analysis
The news that Elon Musk, a strong advocate of Dogecoin, will take over as CEO of Twitter caused a meteoric rise in the value of DOGE. For the past four days, this memecoin has risen in value, by a total of 41%.
In addition, a double bottom pattern is forming on the weekly time frame chart, with $0.88 serving as resistance for the pattern’s neckline. The price of a single Dogecoin is currently at $0.083, and if purchasing pressure continues from the aforementioned neckline, bullish momentum will increase.
Prices have risen dramatically in a short time, thus a correction is to be anticipated before this growth occurs. As a result, $0.075 could serve as a springboard for further gains after the anticipated correction retests it.