The first significant interaction happened in March 2017. The price touched the SMA near $0.00020, then soared more than 9,000% by January 2018. The second occurred in winter 2020, with the price briefly interacting with the SMA at approximately one-fourth of one cent before skyrocketing 34,500% to $0.73 in May 2021. The third and current interaction started in August of last year, leading to more than a 480% rally for DOGE.

In recent times, two consecutive monthly candles dipped below the 20-cent mark but were quickly bought, leaving higher wicks and keeping the average’s upward trend. Cantonese Cat argues that as long as this moving average remains intact, we can anticipate further growth. However, a monthly close below $0.175 could disrupt the entire structure, possibly triggering a prolonged downtrend similar to the ones after the 2018 and 2021 peaks.

Kevin (@Kev_Capital_TA), another analyst, provides a broader perspective by tracking the total crypto market capitalization excluding Bitcoin (depicted by the TradingView ticker “TOTAL2”) in monthly candles since 2017. He outlines a seven-year rising channel defined by two bold yellow trend-lines. The upper rail of this channel repelled price at the alt-season peaks in January 2018 and November 2021.

Kevin’s projections suggest that the total altcoin market cap could reach as high as $5.89 trillion. For Dogecoin, any breakout in the total altcoin market cap would likely see the 20-month SMA continue to climb, possibly setting the stage for a significant price surge. But a failure in the alt-cap triangle could result in a sustained loss of the SMA, potentially undermining DOGE’s historic launching pad.

At present, Dogecoin’s bullish potential remains intact, but the monthly closing will be crucial. If it occurs above the SMA and an alt-cap breakout ensues, we could see another significant rally. Alternatively, a close below the SMA might send DOGE into a dormant phase. At the time of writing, DOGE was trading at $0.189.

The post Dogecoin’s Fate: Skyrocket or Plummet? A Key Indicator May Predict the Outcome appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The 100-day SMA is a highly respected indicator that mirrors the medium-term trend. Its importance in the crypto market is immense. For Ethereum, a surge above this level could rekindle bullish sentiments, setting the stage for loftier price goals. Conversely, a rejection could potentially trigger further consolidation or a retest of lower support levels.

Despite Ethereum’s rigorous efforts to reach the 100-day SMA, it has grappled with gaining substantial upward momentum due to existing resistance levels. While buyers have expressed interest at crucial support zones to prevent further dips, a lack of sustained volume and conviction has hindered ETH’s breakaway attempts.

The MACD indicator is suggesting a possible momentum shift in Ethereum’s price trajectory. Although the MACD and signal lines have intersected and are nearing the zero line, a definitive bullish crossover is yet to be confirmed. Furthermore, the contracting histogram indicates a shift from bearish to neutral or bullish undertones, awaiting further confirmation for a maintained upward movement.

For Ethereum to maintain a bullish trend, both the MACD line and signal line need to ascend above average, bolstered by enlarging histogram bars in the positive zone. If this happens, it could amplify upward momentum. However, failure to achieve a breakout leaves Ethereum susceptible to consolidation or a downward shift.

A successful breakout above the 100-day SMA could serve as a robust bullish confirmation for Ethereum, indicating a revival in upward momentum and a shift in market sentiment towards the buyers. This would suggest that Ethereum has successfully navigated a key technical hurdle, potentially attracting more investors and traders looking to profit from the uptrend.

If the breakout is sustained with increased volume and robust follow-through, Ethereum could aim for the $2,160 resistance level. A successful push above this level could further increase the chances of price appreciation towards other resistance levels, for instance, $2,858 and $3,360. However, if Ethereum fails to breakout above the key resistance level, it could face a resurgence in selling pressure, which may lead to a new drop towards the $1,523 support zone, a historically crucial demand area where buyers might step in to prevent further losses.

The post Ethereum’s Price Edges Towards Pivotal 100-Day SMA: Is a Breakthrough on the Horizon? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.