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Solana (SOL) Is Battling for Comeback, Bitcoin Is Ready for $60,000 Again, Dogecoin (DOGE) Profitable for 80% of Holders

Sat, 4/05/2024 – 0:30

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Contents

  • Bitcoin hits crucial level
  • Dogecoin’s impressive performance

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Solana has been displaying a spirited attempt to reclaim its previous highs after a challenging period. The asset recently approached the $140 price level, and technical indicators suggest that a reversal may be on the horizon.

Currently, Solana is testing the 100-day EMA, which coincides closely with the $140 level. This is a critical juncture for the cryptocurrency, as the 100 EMA often acts as a significant barometer for bullish or bearish trends. The increasing trading volume accompanying this price action adds a surprising twist to the narrative. Typically, a rise in volume alongside a test of key moving averages indicates strong potential for a breakout.

SOLUSDT
Solana/USDT Chart by TradingView

If Solana successfully breaches the 100 EMA, the next significant resistance lies around the $150 price point. Overcoming this barrier could confirm the start of a more sustained rally. The increase in volume supports the hypothesis of a breakout, hinting at growing investor interest and potential accumulation at these levels.

On the support side, Solana finds a robust base around $115, as indicated by previous price reactions in this region. A strong bounce from this support could further solidify the base for its upward trajectory. However, if this level fails to hold, Solana might face downward pressure, testing lower support levels, possibly around the $100 mark.

A successful climb above the 100 EMA could pave the way for a rally toward $150 and potentially higher, marking a significant recovery phase for Solana.  

Bitcoin hits crucial level

Bitcoin is once again nearing the critical threshold of $60,000, showcasing its potential for another significant rally. Currently, the cryptocurrency is hovering around the 100-day EMA, positioned at approximately $59,000.  

Despite the proximity to this key level, the current market tempo indicates a cautious approach among investors. The trading volume and price movements suggest a slower climb than anticipated, which could impact Bitcoin’s ability to smoothly surpass the $60,000 mark. 

The immediate resistance after $60,000 is observed around the $63,500 mark, which Bitcoin approached but did not conclusively breach in recent trading sessions. If Bitcoin manages to sustain momentum and break through the $60,000 resistance, this would likely set the stage for a test of higher resistances near $66,000.

On the downside, support levels are distinctly visible. The most immediate robust support lies at $52,100, a level that has historically held up well against bearish downturns. Should Bitcoin experience a pullback, maintaining above this support would be crucial for sustaining bullish sentiment on the market.

Dogecoin’s impressive performance

Dogecoin’s market shows a significant concentration of holdings, with 63% of Dogecoin’s total supply held by large holders apart from the 80% profitability of the asset. This concentration can lead to increased price volatility as decisions by a few can significantly impact the market’s price. Additionally, the holder composition by time held reveals that a majority, 65%, have held their tokens for over a year, indicating strong loyalty or long-term speculation among holders.

The overall market signals for Dogecoin are mostly bearish, with on-chain signals indicating slight bearish sentiment due to a minor decrease in the money metric and large transactions. This could suggest a cautious approach by investors in response to recent price movements or broader market conditions. Exchange data reveals $278.73 million in outflows, which might indicate that some investors are moving their holdings off exchanges, possibly to private wallets for long-term holding or in response to market uncertainty.

Looking at the Dogecoin price chart, it is currently testing a crucial support level around $0.12 which is represented by the 200 EMA. If this level holds, it could prevent further declines; however, if it breaks, Dogecoin could see lower lows. On the upside, resistance lies near $0.15334, and a break above this could signal a potential recovery.

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