U.Today - With its recent performance demonstrating strength above $100,000, Bitcoin has been rising steadily. A more interesting view can be seen on the chart: Bitcoin might still be in a covert downward trend. Despite not forming bullish sentiment, it has achieved a higher high since its peak in late 2024. The daily chart's descending trendline is the most telling indicator.
Bitcoin has not made a clear move above this barrier, indicating that there is insufficient evidence to support a complete uptrend. In order to maintain its upward trend, Bitcoin needs to surpass its previous peak of approximately $110,000. Its price action remains in a mixed zone until then, and any rejection below this level could strengthen the hidden downtrend. The volume profile of Bitcoin is another factor contributing to the uncertainty. It has not yet attained the levels observed during its previous peaks, despite a recent increase.
This can suggest that there is not enough intense buying power to move Bitcoin past its present resistance. However, Bitcoin's ability to hold steady above the 50 EMA and maintain its value around $100,000 gives bulls hope. These levels serve as solid support, and a breakout is still possible as long as Bitcoin stays above them.
Bitcoin is at a turning point in the near future. The hidden downtrend would be disproved and a return to bullish momentum would be indicated by a breakout above $110,000. In contrast, it might confirm a wider correction if it fails to break above the trendline and drops below $9,000.
Dogecoin 's potential breakthrough
At around $0.40, Dogecoin successfully broke through a significant resistance level, indicating fresh market bullishness. In addition, it is making an effort to cross the 50 EMA resistance, a crucial 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. Notwithstanding its encouraging upward 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-$0.50 range may be the target of future upward movement if Dogecoin can gain traction above $0.40 and sustain its momentum past the 50 EMA. This positive outlook is also supported by the volume data. The buying pressure has increased noticeably, which is necessary for DOGE to continue its current bullish attempt. The market is still cautious, though, because a retracement back to the support zone around $0.35 could occur if it is unable to hold above $0.40.
The bearish trend that has been in place since mid-December would be nullified if this resistance level were broken. A strong breakout would suggest that bulls are back in control and might even lead to a larger rally. In the event that DOGE is unable to maintain its position above the resistance, bears may regain control and push the price back down to $0.30 or below. In that case, DOGE would probably enter a protracted consolidation phase.
Ethereum still suppressed
With its price movement indicating little hope for the near future, Ethereum is still having trouble on the market. The cryptocurrency has not produced any notable upward momentum and has been trapped in a consolidation phase. With a current price of about $3,740, Ethereum has failed to recover its earlier highs. Near $3,120, it recently recovered from the 200 EMA, resulting in a brief rally of support.But it is hard to break through the resistance levels at the 50 EMA - roughly, the $3,557 and $3,800 mark. The price has repeatedly failed to close above these crucial levels, indicating a lack of bullish momentum. A dreary picture is also painted by the current volume, which indicates little buying interest and feeds bearish sentiment. The likelihood of a deeper retracement rises if Ethereum is unable to break through the 50 EMA and gain traction above $3,800.
The 200 EMA, which has served as ETH's effective defensive line thus far, is located close to $3,120, the next important support. Should there be a breakdown below this threshold, additional drops might be possible, possibly reaching $2,900 or less. A successful breach above $3,800, on the other hand, might reignite bullish sentiment and move Ethereum closer to the psychological level of $4,000 and higher.
This article was originally published on U.Today