Price movements in October and early November have given traders some reason to be optimistic about the prospects of altcoins going into the year’s final months. The run-up in Dogecoin prices is particularly notable, as it has helped to offset some of the more mundane movements in Bitcoin prices.
Whales appear to be anticipating a big move in the markets in the coming months, and this is likely to keep prices volatile in the short term. However, the overall direction of the market seems to be positive, and this is likely to continue into 2023.
Crypto price action in October was a story of two distinct halves. After an abysmal September in which most digital assets bled out value, November 1st saw the beginning of a month-long relief rally that would see prices across the board more than recover their previous month’s losses. The first half of the month was all about altcoins and particularly those with large market caps and strong fundamentals.
Bitcoin, on the other hand, lagged behind its smaller cousins as it traded sideways in a relatively tight range. The second half of the month was all about Bitcoin as the market’s biggest digital asset soared to new all-time highs. Altcoins, meanwhile, bled value as money rotated out of them and into Bitcoin.
What does technical suggest About DOGE and BTC?
The Dogecoin price has surged in recent weeks, helped by a series of positive news events and some high-profile endorsements. The rally has pushed the price of the meme-based cryptocurrency to its highest level in over two years and has also seen it gain ground on Bitcoin.
Looking at the technical picture, the Dogecoin price is currently trading at a key resistance level. The next major hurdle for the bulls is to overcome the $0.12 level, which has acted as strong resistance in the past. If the bulls can push the price above this level, then further gains toward the $0.15 level are likely. However, if the bears defend this level, a pullback toward the $0.09level is possible.
The Bitcoin price has been on a tear in recent weeks, propelled higher by increasing institutional interest and positive newsflow. The rally has seen the price of the world’s largest digital asset reach new all-time highs and is showing no signs of slowing down.
From a technical perspective, the Bitcoin price is currently trading at a key resistance level. The next major hurdle for the bulls is to overcome the $20,582 level. If they can do this, then further gains toward the $30,000 level are likely. However, if the bears defend this level, a pullback toward the $16,000 level is possible.
In general, it seems that technical analysis suggests that both DOGE and BTC are currently in a good position for further gains soon. However, it is worth noting that the market is highly volatile and anything can happen in the short term. As such, traders should always exercise caution and monitor the market closely before making any decisions.
Conclusion
Overall, the market looks positive in the short term, with bulls controlling both DOGE and BTC. However, it is worth noting that the market is highly volatile and anything can happen in the short term. As such, traders should always exercise caution and monitor the market closely before making any decisions.
