Cryptocurrency markets took a tumble last week, and while things have calmed down this week, there's no clear sign of recovery yet.
This drop coincided with the 0.618 Fibonacci retracement level based on the 2023 uptrend. While initial selling pressure eased slightly around this point, the outlook remains bearish. The bounce back after the decline wasn't strong enough to overcome the next hurdle at $3,150. But for a confirmed buy signal, the Stochastic RSI needs to climb above 20. Based on the current situation, this could occur with daily closes exceeding $3,150. Until then, ETH is likely to remain under selling pressure.Dogecoin is experiencing its second correction phase of 2024, mirroring the broader market downtrend. After doubling in value in February, DOGE has fallen from its peak of $0.18 to its current price of $0.12.
In a potential uptrend, the first price target to watch is $0.16. If daily closes consistently surpass this level, a new peak of $0.26 could be established.
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Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »