Long

• Pepe seeing more strength
• Dogecoin is aligned

As it consolidates just below the $110,000 mark, Bitcoin’s price action continues to defy gravity and hold fast to its recent gains. Bitcoin has successfully turned a key resistance level around $103,000 into support over the last few weeks, putting the asset on a bullish trajectory that looks promising.

With the next target firmly set at $115,000, the price structure makes it evident that the market is getting ready for another leg up. Moving average convergence, especially the golden cross — the 50-day EMA crossing above the 200-day EMA — is a crucial technical element supporting Bitcoin’s current configuration. The golden cross has long been a dependable bullish indicator. Such a cross usually marks the conclusion of a bearish cycle and the start of a longer-term rally, which raises the possibility that Bitcoin’s new uptrend is just getting started.

BTC/USDT Chart by TradingView

A market that is far from overheated is also indicated by volume data and RSI indicators. The fact that the RSI is still slightly below 70 despite the price’s remarkable move suggests that more upward momentum is possible before we reach the usual overbought area. 

Although the $115,000 goal may appear lofty, Bitcoin has repeatedly demonstrated that these goals are easily attainable once momentum starts to build. Bitcoin may even be aiming for a new all-time high in the upcoming months, as indicated by the market’s supportive structure and the clear breakout above prior resistance. 

Short-term consolidation periods may be experienced by the price, but the technical setup and general market sentiment strongly favor additional gains. Two important levels to keep an eye on are the short-term trendline that has been sustaining this upward move and the immediate support at about $103,000.

Pepe seeing more strength

Top-tier traders opened huge long positions in Pepe, putting the cryptocurrency once again at the forefront of attention on the charts. It is not surprising that this daring move has begun to ripple throughout the market, pushing the price higher even as other market conditions remain relatively muted given that a massive 7,000,000,000 PEPE position was placed using 10x leverage.

During a brief but noticeable upswing, Pepe’s price has managed to recover to $0.00001382 as of press time. Some top traders like James Wynn already have $130,000 in unrealized profit on this enormous leveraged bet; it is the primary driver of this abrupt uptick even though the larger cryptocurrency market has not shown any notable catalysts for Pepe’s spike.

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Pepe had been in a sort of consolidation phase around the $0.00001300 area, with price action coiling up for a possible breakout, according to a quick look at the charts. Before the market gets overbought, there may be more upside momentum, according to the RSI hovering around 60.

The possibility of another leg up if the momentum continues is supported by moving averages, particularly the convergence of the 50-day and 100-day EMAs. It is important to note that this spike appears to be more the result of one trader’s assertive positioning than of any significant adjustments made to the project itself. The moves accompanying the volume spike also appear to support the short-term effects of this large long wager rather than general bullish sentiment for Pepe on the market. 

Pepe’s price may experience more volatility and some quick swings if this wager is successful on the overall market. As of right now, however, the seven billion PEPE long has undoubtedly made waves and may continue to do so in the days ahead.

Dogecoin is aligned

As important technical indicators begin to align, Dogecoin (DOGE) appears to be preparing for an intriguing short-term rally. DOGE is currently trading at about $0.224, having recovered from its lower support level at $0.217. The moving average’s convergence is whats most noticeable in this case; the 50-100 and 200-day EMAs are all attracting one another like magnets. 

A major volatility breakout frequently comes before this type of convergence. The price has been consolidated below the 200 EMA (black line) on the chart, where it has been trapped in a rather narrow range for a number of weeks. This has limited any bullish momentum thus far, but the convergent averages indicate that the market is getting ready to make a quick decision. Prior to the coin becoming overbought, there may still be some upside potential, as indicated by the RSI’s proximity to 60. 

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Volume data indicates that activity has recently increased, suggesting that traders are rekindling their interest. The 50 EMA and 100 EMA are encroaching on one another, and a golden cross may happen soon. A steep upward move could be possible if this scenario materializes with short-term targets at $0.26 and possibly even $0.30 if momentum increases.

Any rally here, of course, depends on the market as a whole not collapsing again; in order for altcoins like DOGE to have their chance, both Ethereum and Bitcoin must remain stable. However, for the time being, the volume buildup and the convergence of moving averages is a tried-and-true formula for a brief Dogecoin rally. Because such setups rarely remain quiet for long, traders should keep an eye out for a strong move soon.

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