Bitcoin price is 50,000 and Ethereum price is trying to stay above $4,000, while all altcoins are struggling to form a bullish candle. The most notable are Dogecoin (DOGE) and Ethereum Classic (ETC), around 5% respectively. 63 and 5%. increased by 91. According to analysts, the positive atmosphere before the New Year holidays may bode well for investors of both altcoin projects. Let’s take a look at the technical levels that will be decisive this weekend.
The phenomena set the altcoin trends!
Recently, Dogecoin (DOGE) and Ethereum Classic (ETC) have been following more Bitcoin price than Ethereum. However, it should be noted that events that determine the direction and stability of the crypto market can quickly override. For example, Block Inc co-founder and CEO Jack Dorsey, Dogecoin co-founder Billy Markus, and Tesla CEO Elon Musk met on Twitter to discuss how some cryptocurrencies relate to corporate enterprise and Web3. The reciprocal tweets began with Dorsey, a well-known Bitcoin advocate and one of the founders of Twitter, tweeting about Ethereum, “If your goal is anti-establishment, I promise you this is not Ethereum.” In Markus, he discussed Bitcoin and described the lead crypto as “powering only rich people.” That’s why Musk said that “the public’s money is Doge”. If you missed these developments, Cryptocoin. com (chapter-1, part-2, part-3)
After emphasizing that altcoins’ trend directions can change rapidly, let’s move on to the key levels that analysts have identified for upside opportunities this weekend. Analyst Melanie Schaffer, who will accompany us in this article, sets the following technical levels for DOGE and ETC:
Dogecoin (DOGE)
- Thursday afternoon, the December 16 high of $0.185 was surpassed. DOGE may need to appear HL (higher low) above $0.161 before higher levels.
- HL level will be needed to confirm that Dogecoin has entered an uptrend.
- Dogecoin is above the $0.185 level with resistance at $0.196 and $0.211, and the $0.16 and $0.13 support levels.
Ethereum Classic (ETC)
- Like Dogecoin, Ethereum Classic will need to set an HL level, which can give bullish traders an opportunity to buy the dip.
- ETC may struggle near the $38 level as this is where the 21 SMA is currently trending.
- ETC resistances are above $40.57 and $44.66, with supports at $32.17 and $27.67.