Bitcoin, DOGE, ETH and all other market giants have been subjected to heavy sales after the developments around Binance in the last days. As the weekend progresses, the leading crypto continues to spend time below $17,000. Let’s take a look at what technical analysts expect at which levels will be critical.
DOGE, BTC, ETH analysis: Weekend levels
Dogecoin (DOGE)
DOGE was weaker than Bitcoin, down about 5% below Thursday’s closing price. The downturn in the overall market and crypto sector comes after Fed Chairman Jerome Powell smashed the Wall Street party on Wednesday with forecasts that inflation will remain stubbornly high in 2023 and the unemployment rate will rise above 4%.
Before the grim outlook, the market rallied on weaker-than-expected consumer price index data that showed inflation falling in November and boosted Bitcoin and Ethereum. Dogecoin did not join the party and has dropped more than 24% since November 30.
On the technical side, Dogecoin’s downtrend is moving between two parallel lines. DOGE will remain in a downtrend until the resistance line of this trend is broken. However, on Friday, Dogecoin was testing the lower trendline of the channel. It has been rising from this level for a while. If Dogecoin continues its downtrend within the channel, the bulls will want to see it rise above the 200-day SMA. DOGE has resistance above $0.083 and $0.091 and support below $0.075 and $0.07.
Bitcoin (BTC)
Bitcoin’s plunge on Thursday caused the crypto to fall back into a sideways pattern that has held it between $16,000 and $17,580 since Nov. The continued bearish momentum on Friday is Bitcoin’s eight-day and 21-day exponential moving averages that are bearish, at least in the short term.
A slight support was formed near the $16,800 model last month. Uptrend traders want Bitcoin to close Friday’s session above this level. If this happens, Bitcoin will consolidate horizontally in the upper range of the side channel over the weekend. Currently, Bitcoin is facing resistance above $17,580 and $19,915. It also has support at 16,797 and below $16,000. cryptocoin.com As we reported, Bitcoin is moving towards death cross for the first time on its weekly chart.
Ethereum (ETH)
Ethereum broke out of a sideways channel on Friday. Thus, it printed a lower low (LL) level, nullifying the current uptrend. For the downtrend to be confirmed, Ethereum needs to bounce to print LH on the 24-hour chart.
Unlike Bitcoin, which was traded in falling volume, Ethereum’s decline came in increasing volume. This was also a bad sign for the bulls. Eventually, Ethereum would likely enter a consolidation phase and start sideways trading. If this happens, the bulls will want to see a series of candles with lower wicks to indicate that accumulation is possible. Currently, Ethereum’s initial resistances are above $1,245 and $1,412. Support levels are $1,081 and $997.
Cardano (ADA)
Cardano price saw its sales accelerate on Friday as global markets were selling. Meanwhile, all major cryptos were falling. At one point, ADA lost 4% in just two minutes. Investors are beginning to realize that the decline is permanent and will increase in severity.
Thus, ADA recorded almost two-year lows while trading below $0.297. The only thing between now and below December 24, 2017 at $0.265 and monthly S1 support is that the RSI is almost touching the oversold resistance. If the US session continues this sentiment, it will be critical to watch this hurdle on the RSI break. This allows ADA to reach $0.265 near the US closing bell.
Analysts are expecting upside potential after the situation calms down with a return towards $0.297 over the weekend. Thus, some losses will be compensated. As investors get more time to digest price action and the economic data calendar begins to slow down, there could be more bullishness as price action picks up. If the ADA bulls return to the scene next week, maybe even $0.324 by 2023 could be on the cards. Analyst Filip L. says the bulls are starting to move from the last two-year low.
Ripple (XRP)
Ripple price is under pressure again with macro developments. With this pessimistic mood, the markets will be preparing for another correction in stocks that is already underway.
XRP will receive this fix with a delayed effect. This is because it has amassed quite a bit of volume from other cryptocurrencies. Another round of exits from cash positions would mean exceeding $0.3710. On the downside, this means that a 20% return to $0.3043 is unlikely.
The uptrend continues as some more influx from investors begins alongside the bearish tone and pricing of the outlook. According to analyst Filip, if the bounce of this support from $0.3710 continues a bit, price action could return to $0.4228. Once the bulls cross this level, it would be reasonable to wait for the RSI to overheat. However, positioning should be avoided before $0.48 is touched. Still, that’s roughly a 28% rally.
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