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Dogecoin Rallies As Bitcoin Moves Towards $40,000

·2 min read
In this article:
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Amazon May Begin To Accept Bitcoin Payments

Dogecoin made an attempt to settle above $0.2350 but pulled back towards $0.22 while Bitcoin rallied towards the $40,000 level.

Bitcoin gained strong upside momentum after reports indicated that Amazon may accept bitcoin payments by the end of this year. Not surprisingly, speculative traders rushed to buy Bitcoin and other cryptocurrencies after these reports emerged. Ethereum made an attempt to settle above $2,400 while XRP tested $0.6750.

While Amazon news have certainly served as the main catalyst for the recent rally, it looks that short covering has also played a role in this rally. Some traders rushed to short Bitcoin and other cryptocurrencies when Bitcoin made an attempt to settle below the key support level at $30,000. Bitcoin failed to gain downside momentum and began to rebound, so such traders rushed to exits at a time when bullish reports about Amazon’s plans were released.

Technical Analysis

Dogecoin is currently trying to stay above $0.22. RSI remains in the moderate territory so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

The nearest material resistance level for Dogecoin is located at $0.2250. If Dogecoin gets back above this level, it will move towards the resistance at $0.23.

A successful test of the resistance at $0.23 will open the way to the test of the resistance level which is located at the 50 EMA at $0.2385. In case Dogecoin gets above the 50 EMA, it will head towards the resistance at $0.25.

On the support side, the nearest support level for Dogecoin is located at $0.2150. If Dogecoin manages to settle below this level, it will move towards the support at the 20 EMA at $0.2040. A successful test of the support at the 20 EMA at $0.2040 will open the way to the test of the psychologically important support level which is located at $0.20.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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