• 30 May, 2024
Markets News

Celestia Eyes $13 Rally, Dogecoin Nears Breakout: Analyst Insights

A recent analysis by a crypto analyst regarding the token Celestia has shed light on a possible shift in the market sentiment from bearish to bullish. The chart reveals a downtrend for Celestia, with the price having descended steadily from a peak. 

However, the analyst draws our attention to a bullish divergence. This phenomenon occurs when the cost of an asset makes a new low, but the momentum indicator makes a higher low, suggesting a weakening downward momentum.

Source: X

According to the analyst, even if Celestia experiences a ‘dead cat bounce’, a temporary recovery from a decline that is followed by the continuation of the downtrend, there’s potential for the price to touch the $13 region. The significance of the 99-day simple moving average (99sma) highlighted, indicating that a rebound to test this level is within the realm of possibilities.

Switching market dynamics to the Dogecoin price movement, crypto analyst Bluntz suggests the meme-inspired cryptocurrency may be on the cusp of a significant price movement.

According to his chart analysis, DOGE has been engaging in a dance with a descending diagonal resistance line, a pattern often watched by traders for signs of an impending breakout. The chart showcases a series of lower highs, which could be interpreted as a downward pressure on price. However, Bluntz has identified a subtle interplay at this critical trendline, hinting that a markup could be imminent.

Dogecoin has been teasing investors with what appears to be a classic accumulation phase, characterized by a winding, sideways movement that typically precedes a dynamic price change. The chart indicates a few attempts to rally, each culminating in a touch of the trendline before retreating.

As of press time, Dogecoin is exchanging hands at $0.1990, up by 1.82% in the past 24 hours. Dogecoin’s market capitalization has a value of $28 billion, while the trading volume stands at $2 billion. On the other hand, Celestia’s market is trading on a negative note as the downtrend progresses. TIA is trading at $10.75 down by 2.68% since yesterday’s close.

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