The 50-day EMA crossing below the 200-day EMA is signaling a possible death cross, according to Bitcoin's technical indicators. The current chart indicates that the difference between the two moving averages has been closing, and this crucial cross may occur in the coming days.
This death cross frequently denotes a bearish trend and may lead to a significant decline in price. Long stretches of downward movement have historically followed death crosses. Though not entirely trustworthy, a lot of analysts and traders see it as an indication that the market is about to go into a longer-lasting bearish phase. At the moment, the price of Bitcoin is close to $58,000.
BTC/USDT Chart by TradingView
Bitcoin's value may drop even further, perhaps below $55,000 or even into the low $50,000 range if the death cross is confirmed. It is crucial to remember that Bitcoin's price has historically been quite stable, so things could still turn positive. In order to counter this bearish outlook, the bulls would need to take back control of the market and make a strong break above the $62,000 resistance level. A persistent advance above this level might signal a change in direction and possibly trigger a rally toward $65,000 or more.
Dogecoin moving forward
As it successfully crosses the $0.1 threshold and removes yet another zero from its price, Dogecoin is creating waves on the market once more. Although this is a good step for the meme coin, prudence is still advised.
DOGE is still below its 50-day EMA, indicating that a sustained recovery is not yet apparent despite the recent upward momentum. DOGE has encountered strong resistance at the 50-day EMA, which is frequently used as a crucial indicator of the direction of short-term trends. It is unlikely that we will see a significant breakout in the near future at this rate, with prices circling around $0.1, barring a significant increase in buying volume or a noteworthy market catalyst.
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The 50-day EMA, which is currently at $0.11 must be broken above for DOGE to firmly establish its bullish momentum. Should this level be broken DOGE may proceed in the direction of the 100-day EMA which is located at $0.12. It may even endeavor to reach the 200-day EMA which is situated at roughly $0.13.
Rekindling hope and putting DOGE back on track for a more significant recovery would probably result from a persistent push above these levels. If the price is unable to pick up speed, it may retreat to support levels at $0.09, where DOGE may consolidate before attempting to break higher once more.
Shiba Inu's volatility nonexistent
Many are wondering if Shiba Inu the meme coin has much more life left in it after an extended period of low volatility. SHIB's price has not moved above significant resistance levels in the last few months, staying flat. The coin, which was formerly very speculative and volatile, looks to have lost momentum, given its current trading activity, and appears to be stuck in a bearish trend.
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SHIB's current trading price is approximately $0.00001333, which is significantly below its 50-day EMA and indicates that the short-term momentum is still negative. Its 100-day and 200-day moving averages are also significantly higher than the present price, adding credence to the notion that the asset is having difficulty rising at all. The token appears to be in a lifeless state, at least temporarily, as the price movement and low volume imply that SHIB's days of being driven by hype may be over.
Still, there is some hope left. SHIB has the potential to rekindle interest and drive the price higher if it can break above the 50-day EMA, which is presently at $0.000014. The token would indicate a major bullish reversal and might draw additional buyers if it breaks above the 100-day EMA at $0.000016.
This could push the price back toward $0.00002 or higher. SHIB is currently at a crucial stage. For the meme coin to escape its current slump, it needs a powerful catalyst or higher trading volume. Investors may continue to see it as a dead asset with little chance of a short-term recovery until that time. If there are any indications of life, keep an eye out for a move above those important EMAs.
