May 18, 2022

Bitcoin, Dogecoin Price Analysis: August 9, 2021

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  • Bitcoin rallies to $45,000 but slows down the uptrend before regaining strength for an upswing to $50,000.
  • Dogecoin price hit a two-month high of $0.284 but corrected to confirm support at $0.23.

The weekend was kind to cryptocurrency holders, with some cryptocurrencies hitting three-month highs. Ethereum rose to $3,200 for the first time since May, mainly bolstered by the recently concluded London hard fork upgrade.

Ripple made its way above $0.8 but could not close the gap to $1, resulting in an ongoing correction. The largest cryptocurrency, Bitcoin, reclaimed the position above $40,000 and later brushed shoulders with $45,000. Currently, the market is primarily in the red, following corrections from the highs traded over the weekend.

Bitcoin: –

Bitcoin is trading at $43530 at writing and after correcting from the recent three-month high of $45,000. The 200-day Simple Moving Average (SMA) added weight to the overhead pressure.

Meanwhile, the Relative Strength Index (RSI) hints at the downtrend gaining traction in the near term. Realize that as the RSI retreats from the overbought, selling pressure is often enhanced. Hence, the oath with the least resistance could maintain on the downside.

Support at $42,000 is in line to prevent losses from extending further. Therefore, it must be protected at all costs. Otherwise, Bitcoin would lose kore ground toward $40,000 and $38,000, respectively.

However, it is essential to realize that the Moving Average Convergence Divergence (MACD) has a bullish outlook. Hence, more buyers will stream into the market if higher support is secured as speculation shifts to $50,000.

BTC/USD Daily Chart

Live Chart
BTC/USD price chart
BTC/USD price chart by Tradingview

Dogecoin:-

Dogecoin bulls finally eliminated the risk of dropping to $0.16 by lifting above $0.20. Firm support at this level coincided with a generally up-trending cryptocurrency market. Hence, DOGE stretched the bullish leg to $0.28 first time since June.

Nonetheless, the bullish outlook faded soon after, with Dogecoin dropping to $2.3. The price is teetering at $0.24 while bulls gaze at lifting beyond the recent resistance at $0.28. A break above $0.3 would be an incredible milestone for the bulls, which could mark the beginning of an upswing to $0.5.

DOGE/USD 12-hour chart

Live Chart
DOGE/USD price chart
DOGE/USD price chart by Tradingview

It is essential to keep in mind that a higher price is needed for Dogecoin to keep the uptrend is intact. Therefore, trading above $0.24 is crucial and will keep the bulls’ attention to higher levels. However, another correction might bring Dogecoin back on the drawing board of around $0.2.

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