According to Bitcoin’s technical indicators, the 50-day moving average has fallen below the 200-day moving average, signaling a possible death cross. The current chart shows that the gap between the two moving averages is narrowing, and this key crossover could occur in the coming days.
This death cross usually indicates a bearish trend and can lead to a significant drop in price. Historically, a death cross is usually followed by a prolonged downtrend. While not completely reliable, many analysts and traders believe that it is a sign that the market is about to enter a more prolonged bearish phase. Currently, the price of Bitcoin is close to $58,000.
If a death cross is confirmed, Bitcoin’s value could fall further, potentially below $55,000 or even to as low as $50,000. It is important to remember that Bitcoin’s price has historically been quite stable, so there is still a chance that the situation could turn positive. To combat this bearish outlook, bulls would need to regain control of the market and break through the $62,000 resistance level with strength. A sustained break above this level could signal a change in direction and could spark a rally towards $65,000 or higher.
Dogecoin continues to move forward
Dogecoin is once again making waves in the market as it has managed to break through the $0.1 mark and remove a zero from its price. While this is a good move for the meme coin, caution is still advised.
DOGE remains below its 50-day EMA, indicating that despite the recent upside momentum, a sustained recovery is yet to emerge. DOGE is encountering strong resistance at the 50-day EMA, which is often used as a key indicator of the short-term trend direction. At this rate, we are unlikely to see a major breakout in the near term, and the price will hover around $0.1 unless there is a significant increase in buying volume or a noteworthy market catalyst. The 50-day EMA (currently at $0.11) must be crossed for Dogecoin to firmly establish its bullish momentum. If it breaks above this level, Dogecoin may continue to move towards the 100-day EMA (at $0.12). It may even strive to reach the 200-day EMA (at around $0.13). A sustained push towards these levels may rekindle hopes and put DOGE back on track for a more significant recovery. If the price fails to accelerate, it may fall back to the $0.09 support level, where DOGE may consolidate before making another attempt to break out.
Shiba Inu's volatility does not exist
Many are wondering if the Shiba Inu meme coin has any chance of staying alive after a long period of low volatility. The price of SHIB has remained flat over the past few months without breaking through significant resistance levels. The coin was previously highly speculative and volatile, but judging by the current trading activity, it seems to have lost momentum and appears to be stuck in a bearish trend.
SHIB is currently trading at around $0.00001324, well below its 50-day moving average, suggesting that short-term momentum remains negative. Its 100-day and 200-day moving averages are also well above the current price, further solidifying the idea that the asset simply cannot rise. The coin appears to be in dead air, at least for now, as price action and low volume mean that SHIB’s hype-driven days may be over. There is some hope, though.
If SHIB can break above the 50-day EMA (currently at $0.000014), it has the potential to rekindle interest and push the price higher. If SHIB breaks above the 100-day EMA (currently at $0.000016), it will indicate a major bullish reversal and may attract more buyers.
This could push the price back to $0.00002 or higher. SHIB is currently at a critical stage. For the meme coin to break out of its current slump, it will need a strong catalyst or higher trading volume. Until then, investors may continue to view it as a dead asset with little chance of recovery in the short term. If there are any signs of life, the trend above those important EMAs can be watched more for now.
