Crypto assets are on an upward roll this week following recoveries that took place last week. As reported, Bitcoin is on the brink of stepping above $50,000 for the first time since September 6, a move that could quickly close the gap to $55,000.
Similarly, most cryptocurrencies are in the green, with Dogecoin rallying the most among the top ten. The meme-based coin is up 12.5% to trade at $0.24. Other best performing altcoins include Terra (up 7.5%), Internet Computer (up 13.8%), and Shiba Inu (up 66.5%) in the last 24 hours.
Ethereum:-
Ethereum is holding above the 50-day Simple Moving Average (SMA) after encountering a barrier at $3,500 on Sunday. The pioneer smart contract token gained traction from areas under $3,000 on Friday amid a generally bullish market.
Bulls are currently focused on lifting above the short-term barrier at $3,400 while ETH exchanges at $3,390. On the upside, gains above $3,500 are required to ascertain Ether’s possible uptrend to $3,600 and later to $4,000.
Its technical picture has remained bullish, bolstered by the Moving Average Convergence Divergence (MACD) indicator’s buy signal on the daily chart. Following its occurrence late last week, bulls have mainly been in control. The upswing to $3,600 will likely be confirmed if the MACD crossed above the mean line in the near term.
Dogecoin:-
Dogecoin appears to have come out of slumberland and is making haste to $0.25. The meme-based token had lifted above $0.22 last week but lost momentum, forcing bulls to seek refuge at $0.21.
However, DOGE regained momentum during the American session on Monday, which triggered another run to $0.25. At the moment, Dogecoin teeters at $0.24 after a minor correction due to the rising overhead pressure at $0.25.
Buyers must keep altcoin above the 100-day to avoid losses to $0.22 and the key demand zone at $0.2. Moreover, a daily close above $0.25 has the potential to keep the uptrend intact.
The MACD has a minor buy signal based on the chart above. Perhaps, crossing above the mean line will add credence to the optimistic outlook.
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