Dogecoin Gains Ground While Bitcoin Gets Closer To All-Time Highs
The world’s leading cryptocurrency gained strong upside momentum after reports indicated that SEC will not prevent ProShares from launching the Bitcoin futures ETF. Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, continued to grow and moved towards the 47% level. If Bitcoin gets above recent highs, it will gain additional upside momentum and move towards all-time highs near $64,900 which will be bullish for the whole crypto market, including Dogecoin.
Dogecoin settled above the 50 EMA at $0.2390 and made an attempt to settle above the next resistance level which is located at $0.2450. This resistance level has already been tested several times and proved its strength.
In case Dogecoin manages to settle above $0.2450, it will gain additional upside momentum and head towards the next resistance level at $0.2520. A move above this level will open the way to the test of the resistance at $0.2570. If Dogecoin gets above $0.2570, it will head towards the resistance at $0.26.
On the support side, the previous resistance level at the 50 EMA at $0.2390 will serve as the first support level for Dogecoin. If Dogecoin settles back below this level, it will move towards the next support at the 20 EMA at $0.2340.
A successful test of the support at the 20 EMA at $0.2340 will push Dogecoin towards the next support level which is located at $0.23. In case Dogecoin declines below the support at $0.23, it will move towards the next support at $0.2255. A move below $0.2255 will signal that the recent attempt to rebound has failed.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire