- The descending triangle maintains a bearish bias
- Dogecoin doesn’t comply with in Bitcoin’s footsteps
- US information continues to shock positively, making it extremely possible that the Fed will proceed to boost rates of interest
Cryptocurrency traders have been thrilled to see Bitcoin soar above $30,000 lately. It’s Bitcoin that leads the cryptocurrency market, and there may be hope that different cryptocurrencies will comply with.
Nonetheless, this was not the case with Dogecoin. In reality, the technical image appears to be like bearish, whereas the basics maintain hinting at robust US information. So, if something, the robust greenback will proceed to push in opposition to its fiat rivals, and the crypto market will take its cues from there.
Earlier at the moment, US GDP was elevated. This was the ultimate GDP and there are normally no corrections to the info.
Solely this time, closing GDP was a lot stronger than anticipated at 2% versus the 1.4% anticipated. That despatched the greenback greater, and the Fed is prone to increase the funds fee two extra occasions this 12 months, as steered by Jerome Powell throughout speeches this week.
Dogecoin chart by TradingView
The descending triangle maintains a bearish bias
Dogecoin’s downtrend continues because the sequence of decrease and decrease highs stays intact. All earlier spikes have failed to interrupt above the final low, so the bears are nonetheless in management.
Solely a transfer above $0.1 ought to reverse the transfer from bearish to bullish.
Till then, a descending triangle sample might be seen and it appears solely a matter of time earlier than the horizontal assist provides approach.
In abstract, the bearish bias stays, and solely an in depth above $0.1 will carry the bulls again in management. Till then, count on merchants to promote any bounce.
