Crypto Market Outlook: Dogecoin will hit $1?

Author by: Rizqie Atsir Fadhlullah, Business Development of Tokenomy

Executive Summary

The crypto market has yet to show signs of a reversal or significant weakening of its bullish momentum. However, the potential for a minor correction in the short term is still possible.

  • Bitcoin

Bitcoin is moving at the trend transition. The price is bullish after it broke the major trendline on April 17. There are 2 key price levels for BTC. $64,000 – $65,000 (major resistance) and $48,000 – $46,000 (major support). If we use the Fibonacci Retracement, we can clearly see that the price is still at the 61.8% level, which means BTC is now creating a secondary reaction after the breakout. If the price can make a clean break at the 61.8% fibonacci level, it will continue moving up to test the resistance level at $64,000 – $65,000. However, if the BTC price fails to break the resistance levels, we will see a reversal pattern on a lower time frame (M15, M30, H1) and it will drop to test the support $48,000 – $46,000 area. To trade on BTC, we suggest to wait till the price has hit the resistance level, before using a small time frame for confirmation on whether breakout will happen and if the price will continue to be bullish or start to show signs of reversal.

 

  • Ethereum

Ethereum is now at the all time high! At current price levels, we do not recommend any buy positions. We should wait until the price has tested the demand zone at around $2,800 – $2,700, and then work on a buy setup at that level. Target price will be around $4,500 – $5,000with $1,900 as the major support. Overall Ethereum is still bullish as long as the price does not fall below $1,900.

 

  • Ripple

Ripple will be potentially testing for $2 for the second time! XRP is now trading around $1.50. This level is also a potential support level, confirmed by trendline and MA200. On H4 we can see a clear rejection which is illustrated by a long shadow candle. Buy position is highly recommended, with risk at $1.3 and potential target at $2. Please note that if the price breaks $1.3, the next support will be at $1 – $0.8.

 

  • Stellar

Stellar is heading towards the nearest support at $0.55 – $0.53. This support might potentially break due to the double top pattern on $0.69. On the other hand, if the price rejects the trendline, XLM will continue to be bullish and test again the $0.69 level. If XLM can handle the major resistance, then the next resistance will be around $0.78 – $0.8. However, if there’s a clean break on the trendline area, the price will continue to be bullish and will test the major support at $0.37 – $0.35.

 

  • Doge

Doge’s price was corrected after Elon Musk Performance at Saturday Night Live on 8th May 2021. The price hit the major support $0.43 and was rejected. Now Doge is potentially heading to the major resistance at $0.70 – $0.75. If the price can break the major resistance, then the next resistance will be at $0.90 – $0.95. Please note that if the price reverses and falls below $0.37, the next potential support will be at $0.16.

You might also like

%d bloggers like this: