Ethereum and Dogecoin Surpass Bitcoin Ahead of July 4 Holiday: A Look at Weekend Cryptos

[ad_1]

June 30, 2023 4:55 p.m. | 3 minute read

Bitcoin (CRYPTO:BTC) was volatile during Friday’s 24-hour trading session, rising over 2%, then falling over 3% before stabilizing in the afternoon despite the high interest Americans for crypto.

Ethereum (CRYPTO:ETH) and Dogecoin (CRYPTO:DOGE) showed comparative strength, rising around 4% from Thursday’s closing price.

While the general market has been rising since June 26, the crypto space has been consolidating mostly sideways after Bitcoin and Ethereum jumped over 21% and over 16%, respectively, between June 15 and June 21. June.

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you’ll also receive Benzinga’s latest morning update AND a free $30 gift card and more!

Since the start of 2023, Bitcoin has skyrocketed around 83% and Ethereum has surged 61%. Dogecoin, on the other hand, is trading down around 6% from its opening price of 7 cents on January 1.

As the second half of the year begins on Saturday, traders and investors will be watching how apex cryptocurrencies trade over the weekend, which could help indicate how the stock market will trade after July 4, when most of Wall Street returns to the office.

Want direct analysis? Meet me in the BZ Pro lounge! Click here for a free trial.

The Bitcoin Chart: Bitcoin has been trading in a slight downtrend since June 23, but on Friday the crypto reversed the trend by forming a higher high. If Bitcoin closes the trading day almost flat, the crypto will form a doji candlestick, which indicates indecision.

Bullish traders want to see Bitcoin trade higher on Saturday to break above Friday’s daily high, which would confirm a new uptrend. Bearish traders want to see the bearish double top pattern that Bitcoin formed on June 23 and Friday recognized, which could indicate that lower prices are in the cards. Bitcoin has resistance above $31,418 and $35.593 and support below at $30,050 and $28,690.

The Ethereum Chart: Like Bitcoin, Ethereum also traded sideways, but on Friday the crypto was attempting to break out of the pattern. If Ethereum closes the 24-hour trading session near its high for the day, the crypto will form a bullish Marubozu candlestick, which could signal higher prices coming on Saturday.

Bullish traders want to see continued momentum on Saturday pushing the crypto above $1,950, which would break Ethereum from the sideways pattern. Bearish traders want to see the stock consolidate sideways and then big bearish volume to come in and push Ethereum below $1,796, which would be bearish. Ethereum has resistance above $1,957 and $2,150 and support below at $1,846 and $1,717.

The Dogecoin Chart: Dogecoin reversed its downtrend on Friday by crossing above the latest lower high, which formed at $0.065 on Wednesday. The crypto was also attempting to print a hammer candlestick, which could indicate that higher prices are on the horizon this weekend.

Bullish traders want to see Dogecoin break above a descending trendline, which has held the crypto since June 23. If that happens, it could signal a longer-term reversal to the upside. Bearish traders want to see a big bearish Dogecoin volume drop below the $0.056 mark, which could indicate a longer-term downtrend over longer time frames. Dogecoin has resistance above $0.069 and $0.075 and support below at $0.065 and $0.057.

Read next:Melania Trump takes on digital art again, releases ‘1776 collection’ to commemorate 4th of July

Photo: Shutterstock

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

[ad_2]