The crypto market is further reinforcing its great position by staying put despite rampaging inflation and increased rates. While some experts believe that the current $28,000 threshold is a tough point, it’s a fact that the largest cryptocurrency by market volume goes from one rally to another. After a slight tumble below $28,000 on Monday, another rally saw Bitcoin jump over $29K.
Traders are rightfully optimistic, while also staying cautious about the future. Trading and volatility are light, but it’s great that Bitcoin manages to hold its ground in a tough market position which sees the Fed increasing rates and authorities contemplating action against Binance and its CEO Changpeng Zhao. To top it off, Bitcoin’s constant rallies are taking the market in the green, especially when it comes to Dogecoin which has grown significantly for another reason.
Doge to the Moon?
Everyone knows that Tesla and Twitter CEO is trying to take Doge to the moon. The premier memecoin has jumped to around $0.10 in price after Musk decided to replace Twitter’s blue bird logo with a Doge. It was a surprising change that rolled out globally and wasn’t previously announced. It’s another proof of how Musk runs Twitter, which has seen a lot of controversy in a span of just a few months.
No one knows if it’s a PR stunt to take Doge to the moon, but it surely helps its case. Dogecoin hasn’t seen a lot of action in the past few months, but this kind of activity can take its price further up. It’s a welcome change for investors, even if Twitter users are raging about getting the blue bird back. Elon Musk is not a man to be pressured into anything, so even if he runs Twitter like a local store, he’s managed to get the price of this unique coin up. That’s something to admire.
Stall Before the Storm?
For the past few weeks, Bitcoin stands firm at around $28,000. Some believe it’s not a bad thing, others think that it’s just a calm before the storm. It’s great that Bitcoin has been able to retake these levels all the time even after slight dips at the start of the week. It shows that it’s still as resilient as ever, and better yet, many believe it’s in a great spot to make a higher run.
According to on-chain data, the recent price action suggests a short-term rejection followed by a consolidation correction stage. This should happen in the next few days. Investors should monitor the direction, with resistance levels at $30K. Bitcoin still hasn’t tested that price, and some experts believe it’s coming soon.
What’s impressive that the rally that started a month ago is still holding up, and it might just truly be the calm before the storm. Bitcoin deserves new records after years of uncertainty, and it’s great that it’s coming right in the middle of a financial crisis, showing how awesome crypto can be.