Bitcoin, Dogecoin and Ethereum – European Wrap 26 May

Bitcoin price, Ethereum and other cryptocurrencies are stabilising after the cryptocurrency space got slaughtered last week and two weeks ago. As price action consolidates further across the board, bulls and investors are buying into price action at the lower end as signs price action is underpinned have started manifesting. Expect to see a rally into the end this week and over the weekend as a few tail risks are set to be taken out of the carry.

 

Dogecoin (DOGE) price has silently thrown off the yoke of a red descending trend line that has been putting pressure on DOGE price since the end of April. Although price action still looks muted, it is the cue that bulls were waiting for, as bears are trying to push price action back into a downtrend. Now expect to see bulls take the upper hand as a shift on the geopolitical stage could provide tailwinds that help them gain control, with $0.1255 on the front foot as a nearby price target.

 

DOGE/USD weekly chart

Ethereum dipped below the $1,900 support level over the past few hours. A decisive close below such a vital demand zone will put ETH at risk of a 38% correction toward $1,200. This pessimistic outlook derives from the formation of a bear pennant pattern on the four-hour chart. 

 

Ethereum price chart