Home » Dogecoin Rises Further On Musk Effect, Bitcoin, Ethereum Dip: Analyst Says Apex Coin Rally ‘Out Of Steam’ But Could Return If This Happens – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Dogecoin Rises Further On Musk Effect, Bitcoin, Ethereum Dip: Analyst Says Apex Coin Rally ‘Out Of Steam’ But Could Return If This Happens – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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of dogecoin The rally continued, but Bitcoin When ethereum Prices fell as global Thursday night Cryptocurrency Market cap fell 2.3% to $983.2 billion at 8:01pm EDT.

Price performance of major coins
coin 24hours 7 days price
Bitcoin Bitcoin/USD -2.3% 6.5% $20,291.06
ethereum Ethereum/USD -3.4% 18% $1,513
dogecoin Doge/US Dollar 5.9% 29.3% $0.08

24 hour top gainers (data via CoinMarketCap)
Cryptocurrency 24 hour rate of change (+/-) price
clayton (clay) 18.65% $0.25
Terra Classic USD (USTC) 12.4% $0.04
dogecoin (doge) 5.9% $0.08

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Important reasons: The two largest cryptocurrencies saw losses on a day dominated by macroeconomic and earnings data. The S&P 500 and Nasdaq closed down 0.6% and 1.6% respectively on Thursday.

A decline in technology stocks weighed heavily on Nasdaq futures, which at the time of writing were down 0.9%, while S&P 500 futures were down 0.6%.

Gross Domestic Product of the United States 2.6% increase per year The third quarter figure beats the average economic forecast of 2.4%. Last quarter GDP fell by 0.6%.

The first unemployment claims for the week ending Oct. 22 rose by 3,000 to 217,000 from the unadjusted 214,000 the previous week, according to US Department of Labor data.

OANDA Senior Market Analyst Edward Moya He said the data showed “the economy is weakening.”

“The economy still seems to be headed for recession, which could strengthen the Fed’s pivot call, which still appears to be driving inflows into equities,” Moya said.

“Bitcoin rally has lost momentum. Rally momentum above $20,000 levels has stalled as risk appetite struggles to find solid footing after returns and US economic data is,” the analyst said in a note seen by Benzinga.

“Bitcoin looks likely to consolidate ahead of the FOMC decision, but could rise further if the dollar continues to soften. Further declines are possible and this is great news for cryptocurrencies.”

Among the more prominent cryptocurrencies, Dogecoin continued its rise. Tesla Inc. TSLA CEO Elon Musk’s The imminent acquisition of Twitter. memecoin is trading in an uptrend.that is Resistance at $0.083 and $0.099 According to Benzinga’s Melanie Schaffer, support is $0.075 and $0.067.

According to data from CoinMarketCap, DOGE’s trading volume surged 98% to $2.65 billion at the time of writing. Coinglass figures show that his DOGE worth $16.47 million was liquidated in his 24 hours.

In Ethereum, Michael van de Poppe said the second largest coin is facing resistance at the $1,600-$1,650 level. The cryptocurrency trader tweeted. In the short term, we are looking for entries in the $1,400-1,450 range. “

An Amsterdam-based trader said Bitcoin is still within the resistance level as it rejects around $20,800 and the long-term frame also rejects at $20,750.

Justin Bennett In the tweet, I mentioned the Dollar Index, a measure of the US dollar’s strength against six peers. A trader asked that the Dollar Index “lowering highs and lowering lows that everyone is excited about is just the beginning of a bullish flag with 120 measured targets.”

“This is not a trend I want to fight without the disabling of longer timeframes, which we don’t have,” Bennett said.

Read the following: Core Scientific Done? Bitcoin Miners Need Cash, Warn of Bankruptcy as Stocks Plunge

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