Dogecoin Rises Higher As Bitcoin Tests New Highs

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Dogecoin gains ground at the start of the week

Dogecoin is currently trying to settle above the resistance at $ 0.3150 while Bitcoin tests the psychologically important resistance level at $ 50,000.

Bitcoin managed to gain momentum earlier in the week, which is bullish for the entire crypto market. The world’s leading cryptocurrency has moved above the resistance level at $ 48,000 and is testing the next resistance at $ 50,000. If this test is successful, Bitcoin will gain additional bullish momentum that should provide more support for Dogecoin and other cryptocurrencies.

Meanwhile, Ethereum is testing multi-week highs near the $ 3,300 level as XRP tries to move back above $ 1.25. The mood in the crypto market is bullish and it looks like traders are poised to step up purchases of riskier assets at the start of this week.

Technical analysis

Dogecoin is continuing its attempts to settle above the resistance level at $ 0.3150. The RSI is in moderate territory, and there is enough room to gain momentum in case additional positive catalysts emerge.

If Dogecoin moves above $ 0.3150, it will pass another test of the next resistance at $ 0.33. A move above $ 0.33 will push Dogecoin towards the resistance level which is near the recent highs at $ 0.35.

A successful test of resistance at $ 0.35 will pave the way for the test of resistance at $ 0.36. If Dogecoin does manage to settle above $ 0.36, it will head towards resistance at $ 0.38. In case Dogecoin breaks above this level, it will continue its uptrend and head towards resistance at $ 0.3950.

On the support side, the closest support level for Dogecoin is located at $ 0.3050. A move below this support level will push Dogecoin to the next support level at $ 0.2950. If Dogecoin manages to settle below the support at $ 0.2950, ​​it will move to the next support at $ 0.29.

For an overview of all of today’s economic events, check out our economic calendar.

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This article originally appeared on FX Empire

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