DOGE To The Moon, MKR New ATHs!
Hello and welcome, everyone. It’s Martin here with CryptoGain. Of course, the biggest mover of the last 24 hours is Dogecoin, with an impressive surge that took its price to above $0.30.
In addition to that, another cryptocurrency that reached new all-time highs is Maker, and this happens as MakerDAO’s first financing proposal gets approved. This is a very significant, positive development for Maker, and, of course, the price of the coin is reflecting that.
First of all, we’re beginning with Bitcoin versus Tether. And, what we can see is that $61,600 is the critical pivot point. Let me zoom out a little bit to the one-hour chart. So, $61,6000, the critical pivot point. Above that level, an opportunity to initiate long positions. We tried at $62,200 and $62,770. We can see that, after dipping to as low as 30, the Relative Strength Index is now gradually recovering, and also the MACD. Although it’s bearish, to me, we have bottomed in Bitcoin, and we’re likely to resume the rally higher.
Now let’s move to Ethereum. Ethereum is finding very robust support around $2430. And above that level, there are good opportunities to initiate long positions, with the first target at $2455 and $2485, and then all the way up to $2510. Conversely, if we break below $2430, we could see declines taking us down to $2392.
We can also see that, similar to Bitcoin, the Relative Change Index on the one-hour chart is recovering, and the MACD was unable to cross below zero, confirming that we’ve likely reached the bottom, and we’re now likely to rally higher up again.
Now let’s move to Bitcoin Cash. In Bitcoin Cash, the critical pivot point is around $910. Above that level, we have opportunities for long positions, with targets at $933 and $960. Conversely, below $910, the nearest support comes for a short position at $885. We can see that the Relative Strength Index is maintaining overbought territory, and the MACD is quite bullish, as well.
Now let’s move to Maker. After an impressive rally and reaching new all-time highs, we can see that Maker is now correcting. The pivot point is at $3525, and above that level, we could be initiating long positions with targets at $3638 and $3760. Conversely, below $3525, we could see further declines on the short side to $3420 and then to as low as $3250.
Finally, let’s take a look at Dogecoin. Dogecoin also corrected gains after reaching a new all-time high and currently trades above a critical support at $0.2465. So, above that level, I’m seeing opportunities for long positions, with targets at $0.28 and $0.29. Conversely, once we break below $0.2465, we could see declines to the nearest support, which is $0.233, and then further down to $0.19.
These are all the ideas for today. As always, keep learning with the video education section in the CryptoGains marketing site subsection, and remember to join the Crypto Signals Made Easy Telegram channel for lots of insightful articles and trading ideas. Thanks for joining me today. Trade wisely, and I will see you soon.