As the crypto market volatility continues to display its characteristic, investors are on high alert, closely monitoring the movement of key cryptocurrencies – Bitcoin, Ethereum, and Dogecoin – into the weekend.
Crypto Market Volatility Surges Amidst Federal Reserve’s Rate Hike Decision
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The recent uptick in crypto market volatility following the Federal Reserve’s decision to apply a 0.25% rate hike has intensified interest in the weekend performance of these digital assets. The crypto market volatility sector’s movements often provide crucial insights into how traditional markets, like Wall Street, may respond when trading resumes on Monday. During the last 24-hour trading session, Bitcoin and Ethereum have managed to remain relatively stable, while Dogecoin experienced a surge of almost 14%, reclaiming its position above the 200-day simple moving average (SMA). This crypto market volatility consolidation above the critical SMA suggests a potential bull flag pattern for Dogecoin on the daily chart, indicating the possibility of a rise towards $0.09 if the pattern is confirmed with higher-than-average volume. Bitcoin and Ethereum, on the other hand, have been trading sideways since Monday, forming quadruple inside bars on decreasing volume. This crypto market volatility sideways consolidation is occurring just below significant support and resistance levels, hinting at the accumulation or distribution of these cryptocurrencies. Traders and investors are keenly awaiting a substantial increase in trading volume to signal a definitive breakout from the current sideways pattern, helping gauge the future direction for both crypto market volatility and digital assets.
Bitcoin and Ethereum Sideways Amid Consolidation as Crypto Market Volatility Persists
Bitcoin, Ethereum, and Dogecoin Brace for Weekend Swings Amid Crypto Market Volatility (PHOTO: Analytics Insight)
Market participants are bracing for a weekend that could be filled with potential big moves and heightened crypto market volatility. With Bitcoin encountering resistance around $30,081 and $31,418, and Ethereum facing hurdles at $1,937 and $2,020, traders are keeping a close eye on these levels. Meanwhile, Dogecoin’s resistance stands at $0.083 and $0.091. Support levels for Bitcoin, Ethereum, and Dogecoin can be found at $28,690 and $27,133, $1,825 and $1,717, and $0.075 and $0.069, respectively. As the weekend unfolds, the crypto market is poised for action, attracting traders and investors looking to capitalize on potential opportunities in the midst of market fluctuations. The volatile nature of these digital assets makes it crucial for market participants to exercise caution and remain vigilant while navigating the ever-changing landscape of cryptocurrencies.
