While the cryptocurrency market is rising, the price movements of DOGE and BTT have worried investors. Analysts say that short-term technical indicators are pointing to lower levels. Here are the technical analyses and details that explain this situation...
DOGE Price Analysis: $0.20 Level$DOGE
Dogecoin (DOGE) took a big hit from the market downtrend in December. DOGE, which gave hope to investors by reaching $0.48 at the beginning of the year, has lost more than 30% of its value since that peak and is currently trading at $0.33.
Behind this decline, the "death cross" signal seen in technical analysis is an important factor. This formation emerged on December 18 when DOGE's 50-day moving average (MA) fell below the 200-day MA. This situation shows that the negative perception spreading throughout the market is also effective in DOGE. In addition, bearish signals in Super Trend indicators indicate that this downtrend will continue. Currently, the DOGE price is trading below the red line in the Super Trend indicator, which encourages investors to be careful.
From a technical perspective, DOGE is approaching the critical support at $0.28. If this support level is lost, the price is expected to drop to $0.23 or even below $0.20. However, analysts say that if buyers overcome the $0.33 resistance, DOGE could reach $0.48 again.
BitTorrent (BTT) has climbed 4% in the last 24 hours, reaching $0.00000111. The rise in BTT, the decentralized file-sharing platform’s native token, is seen as the result of a short-term wave of interest. However, technical indicators suggest that this rally may not be sustainable.
BTT’s Aroon Uptrend Line is at 0%, indicating that the price action is occurring with weak momentum. The Aroon indicator is used to analyze the likelihood of an asset reaching new highs, and its current weakness is making traders question their confidence in this uptrend. Also, the MACD (Moving Average Convergence Divergence) indicator is giving negative signals. The MACD line has fallen below the signal line, suggesting that the downtrend may continue. If the selling pressure on BTT increases, the price could lose the support at $0.00000093 and drop to $0.00000067. A loss of this level could lead to a more serious decline. However, if BTT breaks the resistance at $0.00000120, there could be a chance for new momentum.
The overall market outlook suggests that both cryptocurrencies should be watched carefully by investors.
