Shift

Bitcoin

Momentum

Gains

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The global crypto market cap has experienced fluctuations, with Bitcoin’s volatility influencing the market.</li>
 <li>Analyst CrediBull predicts a broader market rally following Bitcoin’s breakout from its consolidation phase.</li>
</ul>
<p>The worldwide crypto market cap has been fluctuating in recent weeks, witnessing both gains and losses. After peaking at $2.7 billion in March, the market has struggled to sustain its momentum, with sporadic increases unable to counteract the general downtrend.</p>
<p>Currently, the global crypto market cap has decreased by 1.4% to $2.122 trillion. This volatility is primarily driven by <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>, the leading cryptocurrency.</p>
<h2 id="bitcoin-s-role-in-market-volatility">Bitcoin’s Role in Market Volatility</h2>
<p>Bitcoin has displayed a combination of bullish and bearish trends. Despite briefly exceeding $58,000, Bitcoin once again fell below this level. At one point, it even traded as low as $57,292 following a 0.5% decrease.</p>
<p>Despite these uncertainties, analysts continue to provide insights into the crypto market’s future, with many predicting significant movements.</p>
<p>Crypto analyst CrediBull has given a particularly interesting perspective. He believes that Bitcoin’s breakout from its current consolidation phase will initiate a broader market rally.</p>
<h2 id="analyst-s-perspective-on-the-upcoming-crypto-bull-run">Analyst’s Perspective on the Upcoming Crypto Bull Run</h2>
<p>CrediBull’s views emphasize Bitcoin’s crucial role in shaping the entire crypto market. He suggests that Bitcoin’s impending breakout from its five-month consolidation phase will likely boost the entire crypto market.</p>
<p>However, CrediBull warns that not all altcoins will profit equally. Some may experience temporary “dead cat bounces,” before confronting a further downward phase known as a crypto market “markdown.”</p>
<p>Investors are advised to exercise caution, as these temporary rebounds could be the last chance to exit certain altcoins before deeper declines.</p>
<p>Taking <a href="https://coineagle.com/price/dogecoin/" rel="noopener noreferrer nofollow">Dogecoin (DOGE)</a> as an example, the memecoin has reflected the Bitcoin market’s volatility. Despite these fluctuations, DOGE’s resilience indicates that some altcoins may still have growth potential amidst uncertainty.</p>
<h2 id="doge-fundamentals-indicate-potential-market-stability">DOGE Fundamentals Indicate Potential Market Stability</h2>
<p>Assessing DOGE’s fundamentals provides additional insights into its market potential. For instance, DOGE’s Relative Strength Index (RSI) had a reading of 52, indicating neutral market conditions.</p>
<p>An RSI reading between 30 and 70 suggests that the asset is neither overbought nor oversold, indicating potential price stability in the near term.</p>
<p>Furthermore, data from Coinglass suggested that DOGE’s Open Interest has increased by 1.46%, reaching a valuation of $476.12 million. This uptick, despite the decrease in volume, may suggest that investors are cautiously positioning themselves in the market, possibly in anticipation of future price movements on DOGE’s charts.</p>

Anticipate Dogecoin’s Price Shift as Bitcoin Gains Momentum

Table of Contents

CoinEagle.com

Other articles published on Sep 13, 2024

MicroStrategy has acquired 18,300 more Bitcoin for $1.11 billion, bringing its total holdings to ...

Coinbase CLO Calls Out SEC for Backtracking on Crypto Asset Definition

FBI Finds Crypto Fraud Losses Hit $5.6B in 2023, Up 45% from 2022

WazirX Exploiter Moves $11.8 Million in ETH to New Anonymous Address

Angel Drainer Resurfaces: New Phishing Toolkit AngelX Deploys 300+ Malicious dApps

Alchemy Partners with Cross Finance to Power dApp Development

Join our free newsletter for daily crypto updates!