Bitcoin, Dogecoin Price Prediction- DOGE Skyrocketed As Elon Musk Will Be Twitter’s New CEO

Bitcoin, Dogecoin price prediction: the crypto market takes a halt from its recent recovery rally, trying to sustain above the higher ground acquired. At 10:20 am EST Friday, the global market dropped below the $1 Trillion mark and currently stands at $978.07 Billion with a 2.12% loss over the last day.

Furthermore, the total crypto market volume over the last 24 hours is $85.33 Billion, which makes an 11.17% loss. The total volume in DeFi is currently $3.86 Billion, 4.53% of the total crypto market 24-hour volume. 

Top Gainers and Losers

Source Coin360

Among the top 100 cryptocurrencies, Dogecoin($0.082) and Klaytn($0.25) are the top gainers with 7.1% and 5.4% rise in the last 24hrs, respectively. Furthermore, the top losers are Aptos($8.15) with 12% loss and Toncoin($1.65) with 7.3%fall.

Bitcoin Price Analysis

Source- coinmarketcap

The Bitcoin price resonated inside a descending triangle pattern for the past two months. Though this pattern usually encourages the resumption of the prior downtrend, the recent recovery in the crypto market bolstered a bullish breakout from the pattern’s resistance trendline.

The post-retest rally drove the prices by 7.8% and surpassed a horizontal resistance of $20335. However, the coin price has reverted lower over the past two days to retest the breached resistance. Today, the daily chart shows a long lower price rejection candle indicating the coin is obtaining proper footing from the $20335 mark. 

Bitcoin currently trades at $20503 with an intraday gain of 1.03%. With sustained buying, the prices should continue this recovery to the next supply zone at $22500.

Source- Tradingview

Technical Indicator- the bullish rally has reclaimed the 20-and-50-day EMA, which should support buyers in maintaining ongoing recovery.

Dogecoin Price Analysis

Source- coinmarketcap

The recent growth in the crypto market, and the news that Dogecoin supporter  Tesla Founder Elon Musk will be Twitter’s new CEO, have triggered phenomenal growth in DOGE price. This memecoin has been rising for four consecutive days and has registered a 41% gain. 

Moreover, the weekly time frame chart shows the formation of a double bottom pattern with its neckline resistance at $0.88. The DOGE coin currently trades at $0.083, and if the buying pressure persists from the aforementioned neckline will intensify the bullish momentum.

However, a minor correction is expected before this development as prices have already rallied significantly in a short span. Thus, the possible correction may retest $0.075 support as a launchpad for further growth.

Source- Tradingview

Technical Indicator- The daily-RSI slope surged into the overbought region, accentuating the need for price pullback.