Is Bitcoin (BTC) In A Secret Downtrend? Dogecoin (DOGE) Breaks Key Resistance Level, Ethereum (ETH) In Pain With No Breakout Signs By U.Today
U.Today – With its recent performance showing strength above $100,000, it is steadily rising. A more interesting view can be seen on the chart: Bitcoin may still be in a hidden downtrend. Despite not creating bullish sentiment, it made a higher high than its peak at the end of 2024. The descending trend line of the daily chart is the most telling indicator.
Bitcoin has not clearly moved above this barrier, indicating that there is not enough evidence to support a full uptrend. To maintain its uptrend, Bitcoin needs to surpass its previous peak of approximately $110,000. Its price action remains in the mixed zone until then, and any bounce below this level could strengthen the underlying downtrend. Bitcoin’s volume profile is another factor contributing to the uncertainty. It still hasn’t reached the levels seen during previous highs, despite the recent rally.
This may suggest that there is not enough intense buying power to move Bitcoin past its current resistance. However, Bitcoin’s ability to hold steady above the 50 EMA and maintain its value around $100,000 gives hope to the bulls. These levels serve as solid 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 underlying downtrend would be refuted, and a return to bullish momentum would be indicated by a break above $110,000. Conversely, it could confirm a broader correction if it fails to break above the trendline and fall below $9,000.
potential breakthrough
At around $0.40, Dogecoin has successfully broken a significant resistance level, indicating a new market rally. Additionally, it is looking to break through the 50 EMA resistance, a key technical barrier that has kept the price lower for weeks. There have been two recent attempts to break above the 50 EMA with this move. Despite the encouraging upward momentum, DOGE has yet to establish itself above this level, so the next few days will be crucial for its price trajectory.
The $0.45-$0.50 range could be the target for future upside if Dogecoin manages to gain strength above $0.40 and sustain its momentum past the 50 EMA. This positive forecast is also supported by the quantity data. Buying pressure has noticeably increased, which is necessary for DOGE to continue its current attempt at growth. However, the market is still cautious as there could be a retracement back to the support zone around $0.35 if it fails to hold above $0.40.
The bearish trend that has been in place since mid-December would be reversed if this resistance level were to be broken. A strong breakout would suggest the bulls are back in control and could even lead to a bigger 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 lower. In that case, DOGE would probably enter a long-term consolidation phase.
still suppressed
With its price movement indicating little hope for the near future, Ethereum is still struggling in the market. The cryptocurrency has not produced significant upward momentum and is trapped in a consolidation phase. With a current price of around $3,740, Ethereum has failed to recapture its earlier highs. Near $3120, it recently recovered from the 200 EMA, which resulted in a brief rise in support.
But it is difficult to break the resistance levels at the 50 EMA – roughly, the border of $3557 and $3800. The price has repeatedly failed to close above these key levels, indicating a lack of bullish momentum. The gloomy picture is also painted by current volume, which indicates little buying interest and encourages bearish sentiment. The likelihood of a deeper retracement increases if Ethereum fails to break the 50 EMA and gain strength above $3800.
The 200 EMA, which has served as an effective line of defense for ETH so far, is near $3120, the next important support. If there is a break below this threshold, further declines are possible, which could reach $2,900 or less. A successful break above $3,800, on the other hand, could reignite bullish sentiment and move Ethereum closer to the psychological level of $4,000 and above.
