The weekend trade remained passive as the majority of the tokens maintained a narrow trade. Besides, the star crypto, Bitcoin, continues to trade above $34,000 as investors continue to remain optimistic about the impending trend. Moreover, the altcoins are also displaying huge potential to go long, reclaiming higher positions. Ali, a well-known crypto analyst, composes the next course of action for Ethereum and Dogecoin prices.
Ethereum, the second-largest crypto, has been trading consistently since the start of the year and is trying hard to rise above the decisive pattern. A bullish start to the week could potentially lift the price beyond $1850 first and later close to $2000. MVRV is an indicator used to analyze whether the trend is bullish or bearish. As per the chart shared by the analyst, the ETH price appears to be due for a notable upswing.
The above chart displays the Ethereum MVRV, which suggests that a huge volume of ETH has been acquired below the current price, which is now profitable. Hence, it suggests that the ETH price is poised for a new uptrend soon. Besides, one of the popular memecoins, Dogecoin, is about to break the multi-year descending trend that indicates the price may begin with a fresh upswing.
The DOGE price has been trading in a descending trend for more than a year. With a massive drop in volume, due to which the volatility has also plunged to a large extent. The price has reached the edge of the descending triangle, and a bullish weekly close may validate an upswing. The confirmation of a buy signal may lift the price from 0 FIB levels to 0.23 FIB levels at $0.1 very soon.
However, the bears who appear to be stationed at these levels may cause some hindrance. But the bulls may eventually make it to the higher FIB levels, targeting higer targets in the coming days.
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- Source: https://coinpedia.org/price-analysis/altcoins-on-the-move-ethereum-this-popular-memecoin-are-closer-to-a-breakout/
