That Dogecoins Rally continued, however Bitcoin and ether was trading lower on Thursday night, as the global cryptocurrency market cap fell 2.3% to $983.2 billion as of 8:01 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -2.3% | 6.5% | $20,291.06 |
| ether ETH/USD | -3.4% | 18% | $1,513 |
| Dogecoins DOGE/USD | 5.9% | 29.3% | $0.08 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Klaytn (CLAY) | 18.65% | $0.25 |
| TerraClassicUSD (USTC) | 12.4% | $0.04 |
| Dogecoins (DOG) | 5.9% | $0.08 |
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Why it matters: The two largest cryptocurrencies were seen lower on a day dominated by macroeconomic data 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 on Nasdaq futures, which were 0.9% lower, while S&P 500 futures were down 0.6% at the time of writing.
US gross domestic product rose at an annualized rate of 2.6% in the third quarter, a figure that was higher than the median economic estimate of 2.4%. In the previous quarter, GDP fell by 0.6%.
Initial jobless claims rose 3,000 to 217,000 in the week ended Oct. 22 from an unrevised level of 214,000 the previous week, US Labor Department data showed on Thursday.
OANDA’s Lead Market Analyst Edward Moya said the data shows the “economy is weakening”.
“It looks like the economy is still headed for a recession, but that could add to the Fed’s pivot calls, which still appear to be driving back some inflows into equities,” Moya said.
“Bitcoin’s rally has run out of steam. The momentum of the rally above $20,000 has faltered as risk appetite struggles to find firm footing after earnings and US economic data,” the analyst said in a note seen by Benzinga.
“Bitcoin looks likely to consolidate ahead of the FOMC decision, but it could see further strength if the dollar continues to weaken. If Wall Street becomes more concerned about the economic outlook, rates could fall even further, which is good news for crypto.”
Among the more prominent cryptocurrencies, Dogecoin continued its upward trend, buoyed by Tesla Inc TSLA CEO Elon Musk’s upcoming Twitter buyout. The memecoin is trading in an uptrend. According to Melanie Schaffer of Benzinga, it has resistance at $0.083 and $0.099 and support at $0.075 and $0.067.
According to data from CoinMarketCap, trading volume for DOGE increased by 98% to $2.65 billion at press time. Coinglass figures showed that $16.47 million worth of DOGE was liquidated in 24 hours.
on ethereum, Michael van de Poppe said the second largest coin is facing resistance around the $1,600-$1,650 level. The cryptocurrency trader tweeted, “Might question whether we will continue the rally and we clearly need to break this resistance and then face $1,750. In the short term, I’d like listings in the $1,400 to $1,450 range.”
#Ether Still facing resistance around $1,600-1,650.
Might be wondering if we will continue the rally and we clearly need to break this resistance and then face $1,750.
In the short term, I’d like entries around $1,400-1,450. pic.twitter.com/6rT49WfoVb
— Michaël van de Poppe (@CryptoMichNL) October 27, 2022
The Amsterdam-based trader said that Bitcoin is still within the resistance level as it rejects around $20,800 and the long-term frame also rejects at $20,750.
#Bitcoin still inside resistance here as it rejects around $20.8k and LTF also rejects at $20.75k.
I do not favor day trading longs here, technically looking for the scenario indicated on the chart, $19.9-$20.2k range. pic.twitter.com/BNPC4gAdGR
— Michaël van de Poppe (@CryptoMichNL) October 27, 2022
Justin Bennett touched on the dollar index, a measure of the greenback’s strength against six of its peers, in a tweet. The trader asked what if the dollar index was “the bottom high and bottom bottom that everyone is excited about is just the beginning of a bull flag with a measured target of 120.”
“This isn’t a trend that I want to fight without a higher timeframe invalidation, which we don’t have,” Bennett said. Notably, at the time of writing, the Dollar Index was up 0.8% at 110.56.
What if the $DXY Lower high and lower low that everyone rejoices in is just the beginning of a bull flag with a measured target of 120?
This isn’t a trend I want to fight without invalidating higher timeframes that we don’t have. pic.twitter.com/FHvCkqShmx
— Justin Bennett (@JustinBennettFX) October 27, 2022
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