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Bitcoin (BTC) New Year Rally Ended? Ethereum (ETH) Crucial Bearish Pattern, Dogecoin (DOGE): Down Even More
The recent rally in Bitcoin’s (BTC) price has seemingly come to an end. The asset’s failure to breach the $24,000 resistance and subsequent pullback suggest that the upward momentum may be exhausted for now. Ethereum (ETH), on the other hand, is showcasing a crucial bearish pattern that could accelerate its decline further.
Meanwhile, Dogecoin (DOGE) has continued its downward trajectory, with no clear signs of reversal yet. The asset’s inability to break above $0.29 and subsequent decline suggests that sellers remain in control.
This pullback’s decreasing volume emphasizes the waning buying pressure even more. Because there is not much demand, DOGE bulls are reluctant to intervene, which leaves the asset open to more declines. The $0.28 mark is the next crucial support if the 50 EMA does not hold. A decline below this might pave the way for a more severe correction in the direction of $0.21, a level not seen since the last significant breakout in November.
Although it is not yet oversold, DOGE’s current position near 56 on the RSI (Relative Strength Index) front indicates that the downward momentum is intensifying. The market may confirm bearish dominance if the RSI continues to decline.
In conclusion, while we can’t rule out a short-term bounce or two, it appears as though the bears have gained control of the narrative for now. Any further breakdowns could lead to more significant losses in both DOGE and ETH.
Source: u.today
