“Altcoins are making waves in the crypto market, and Ethereum along with the beloved memecoin are inching closer to a breakthrough, promising exciting opportunities for investors and enthusiasts alike.”
The cryptocurrency market has been relatively quiet over the weekend, with most tokens experiencing narrow trading ranges. However, there is optimism among investors as Bitcoin continues to trade above $34,000. Additionally, altcoins are showing potential for a breakout and reclaiming higher positions. Crypto analyst Ali shares insights into the next moves for Ethereum and Dogecoin prices.
Ethereum, the second-largest cryptocurrency, has been trading consistently since the beginning of the year and is currently attempting to break above a decisive pattern. If the week starts on a bullish note, the price of Ethereum could potentially rise above $1,850 and even reach $2,000. The MVRV indicator, which analyzes the bullish or bearish trend, suggests that Ethereum is due for an upswing.
The chart displaying Ethereum’s MVRV shows that a significant amount of ETH has been acquired at prices lower than the current level, indicating potential profitability. This further supports the notion that Ethereum’s price is on the verge of a new uptrend. Another interesting cryptocurrency to watch is Dogecoin, a popular memecoin, which is poised to break a multi-year descending trend. This breakout could signal the start of a fresh upswing for Dogecoin.
The price of Dogecoin has been trapped in a descending trend for over a year, resulting in reduced volume and volatility. However, the price has now reached the edge of the descending triangle, and a bullish weekly close could confirm an upswing. If a buy signal is confirmed, the price of Dogecoin may rise from 0 FIB levels to 0.23 FIB levels, reaching $0.1 in the near future.
It’s worth noting that bears may pose some resistance at these levels, but the bulls are expected to push through and target higher FIB levels in the coming days. Overall, both Ethereum and Dogecoin show potential for a breakout and investors are eagerly watching for any signs of upward movement.
Disclaimer: The information provided here does not constitute financial advice or investment recommendations. Always do your own research before making any investment decisions.