DOGE broke out as predicted. A previous analysis pointed to a possible change in trajectory, hinting at the asset’s breakout from the $0.44 barrier.
AAVE is seeing its breakout at the time of writing. It opened the day at $171, retraced to a low of $166 as the selling pressure mounted. It recovered and surged to a high of $190. The altcoin broke out from its seven-day high at $183. Currently trading at the previous day’s high, it is up by over 6%.
LDO may be the top gainer over the last 24 hours. It started trading at $1.46 and had a brief downtrend to a low of $1.40. It recovered and attempted to break the $1.80 barrier but failed due to significant resistance. The asset peaked at $1.76 but trades lower at the time of writing. It is up by almost 15%.
The global cryptocurrency market cap is declining amidst the increases across several altcoins. It surged to a high of $3.38 trillion last week but is worth $3.28 at the time of writing.
Several speculations as to the next price action are gaining momentum. The question of whether the downtrend will last over the next six days remains a question that only time will answer. Nonetheless, let’s look at the key levels to watch
Top Four Cryptocurrencies
BTC/USD
Bitcoin started the day at $98k and tried breaking above the $99k barrier but failed due to strong rejection. It has since been on the decline, dipping below $96k. It recently lost the $94k support and trades at $93,400. The apex coin is down by almost 5% and shows no sign of recovery.
BTC has been experiencing its biggest downtrend over the last two months. Nonetheless, the latest decline comes after the asset surged to a new ATH the previous week. It had a build-up to the event on Thursday, surging from $94,300 and breaking above $98k. It peaked at $99,121, breaking the barrier for the first time. The largest coin resumed the uptrend the next day, surging to $99,800.
Indicators are flipping bearish amidst the ongoing decline. The relative strength index broke out from 70 on Nov. 6 and continued trending above it until Nov. 25. The apex coin is no longer overbought as the RSI is neutral at 64.
The moving average convergence divergence hints at further decline in the next six days. The 12-day EMA is in contact with the 26-day EMA, completing the bearish convergence. Bitcoin may record a divergence with further dips—the Fibonacci retracement level points to a possible drop below the $90k support.
DOGE/USD
Dogecoin broke out of a dominant trend, which it maintained for most of the last fourteen days. It failed to break the $0.44 resistance and traded between it and $0.35. The breakout happened on Saturday when it opened trading at $0.41 and recovered after a brief decline. It surged above the highlighted level, peaking at $0.48 before dipping due to massive selloffs.
The DOGE attempted restarting the uptrend the next day. It dropped to a low of $0.40 but recovered and surged to a low of $0.45. However, the asset is trading at $0.39. It opened trading at $0.43 but dropped to its current valuation as the bears took over.
Indicators are turning bearish amidst the ongoing decline. The RSI broke out from 70 on Nov. 6 and continued trending above it until Nov. 25. The altcoin is no longer overbought, as the RSI is neutral at 64.
The moving average convergence divergence hints at further decline in the next six days. The 12-day EMA is in contact with the 26-day EMA, completing the bearish convergence. DOGE may record a divergence with further dips.
The Fibonacci retracement level points to a possible retest of the $ 0.36 support in the coming days. Since it lost the $0.40 support, the bulls must hold the prices above $0.38 to prevent further declines.
UNI/USD
Uniswap has been on the uptrend since Thursday. Its attempt to test $10 ended with limited success as it faced massive rejections at $9.70. It edged closer to the mark the next day but failed to flip it decisively. It finally broke above the barrier on Saturday when it opened trading at $9.95 and surged to a high of $11.35 before retracements.
The altcoin resumed its uptrend a few hours ago. It dropped to a low of $10.5 and rebounded. It shot up, hitting a high of $12.5, facing strong rejection at the mark. Currently exchanging at $11.2, UNI struggles to maintain uptrends due to growing bearish pressure.
Uniswap sees notable buying pressure amidst growing negative dominance. The relative strength index is above 70, which means the asset is overbought. While this reading may mean further declines in the coming days, other assets maintain their momentum despite being overbought. The same happens with the altcoin.
MACD points to further surges as the 12-day EMA continues its uptrend. It shows no signs of halting the trend as the 26-day EMA joins in.
Uniswap may reclaim $12.5 and edged closer to the $14 barrier if the bulls sustain the momentum. It risk further declines to $10 if they fail.
SAND/USD
SAND had one of its most significant surges during the previous intraday session. It opened at $0.43 and shot after a brief decline. It broke above its June high at $0.55, returning to March’s high at $0.82. Despite the slight declines, it closed with gains exceeding 76%. The altcoin also gained over 122% during the previous week.
Sandbox is currently in a downtrend. It opened the day at $0.77 and surged to a high of $0.86. It faced massive rejection and traded at $0.70 following a brief decline below it. The altcoin has lost over 8% since the day started but shows signs of recovery.
The relative strength index points to the reason for the ongoing decline. It was overbought and is currently seeing massive declines. However, RSI hints at further declines as it is not neutral amidst the downtrend. The metric is at 78 after it peaked at 87 during the previous intraday session.
