- Cryptocurrency buying and selling is down considerably in the present day, with bitcoin falling beneath 29k.
- BNB rallied above XRP, though bulls want to carry costs above $330 to keep away from bears, or it may fall to $220 or beneath.
- Dogecoin surges after Twitter rebrands to X. Can DOGE take off?
As we speak’s crypto information was dominated by headlines across the launch of the Worldcoin (WLD) token and Elon Musk’s Twitter rebranding to X. In the meantime, the broader crypto market continued to see main altcoins bearish, with Bitcoin hovering simply above $29,000 after additional weak spot on Monday.
Whereas analysts have indicated that there could also be a turnaround following the latest consolidation, regulatory uncertainty stays a serious draw back. Additionally essential this week could possibly be the final response of traders to the Federal Reserve’s coverage determination after its two-day assembly.
So with these elements in thoughts, what’s the worth outlook for BNB and Dogecoin?
BNB worth outlook: $330 key assist stage
BNB, the native coin of the Binance ecosystem, overtook XRP to turn out to be the fourth largest cryptocurrency asset by market cap after the Ripple token fell 6% on Monday. Nevertheless, the value of BNB can also be falling (at present 2%) and is buying and selling beneath the 20-day EMA.
BNB worth desk. Supply: TradingView
Whereas assist is probably going at $230, a break beneath this buffer may enable the bears to retest the areas beneath the decrease symmetrical triangle trendline.
It is a situation during which the value of BNB could possibly be such that the brand new bases are round $220, which allowed for a breather in June of this yr and in 2022. December.
DOGE Value Outlook: One other Push Associated to X?
The value of Dogecoin (DOGE) was distinctive within the cryptocurrency markets in the present day. Whereas all main altcoins fell, the OG meme coin rose 10% to over $0.075.
When Elon Musk revealed Twitter’s rebranding to X, he positioned the DOGE image subsequent to the X emblem.
$DOGE up almost 10% as Elon Musk provides the Doge emblem to his profile pic.twitter.com/vDYn4KPzq3
— Dan Gambardello (@cryptorecruitr) in 2023 July 24
Bulls took the cue to push the coin greater and managed to carry it above the 20-day and 50-day EMAs.
Dogecoin worth chart. Supply: TradingView
The transferring averages could counsel a key reset zone for demand ought to the DOGE flip decrease. Nevertheless, the day by day RSI is trending up however has not but crossed into overbought territory.
This implies that potential constructive strikes are nonetheless doubtless, particularly with the information of DOGE’s adoption of X.
If the bulls push greater, the realm round $0.08 would be the most important impediment that can have to be convincingly repeated. $0.09 and $0.11 could possibly be the following targets for the bulls. On the draw back, a drop beneath $0.07 may ship the value right down to $0.057.
