The value of the cryptocurrency market tumbled 2.5 percent, with Bitcoin (BTC) losing 2 percent. Investors are also wondering what analysts think about what the prices will be. The two analysts cited their analysis of the popular meme coin Dogecoin (DOGE) and Bitcoin (BTC).
Analyst: Dogecoin (DOGE) may see these levels
According to analyst Sarah Tan, Dogecoin price is poised for further declines as the chart pattern shows DOGE heading down. When seeking support, the token can tag the lower bound of the governing technical model. Dogecoin price has been sealed in a descending parallel channel on the 12-hour chart, indicating that the momentum is shifting to the downside. Dogecoin price could soon tag the lower bound of the dominant chart pattern at $0.104, resulting in a 14% drop if DOGE breaks below the 78.6% Fibonacci retracement level at $0.120 before falling to the pessimistic target.
An additional spike in sell orders could push Dogecoin price towards the April 13 high of $0.096, then the April 11 high of $0.080. However, if the bulls manage to reverse the underperformance period, Dogecoin price could target the middle border of the technical pattern at $0.131. An additional increase in bearish sentiment could encourage Dogecoin price to reach the resistance line provided at $0.141, which coincides with the 50 twelve hourly SMA. If an increase in buy orders occurs, Dogecoin price will target the twelve-hour 100 SMA at $0.147.
What are the expectations for Bitcoin price?
According to analyst Jason Sen, Bitcoin beat the first resistance at $36,300-36,400 to test the second resistance at $39,400-$39,450, but is struggling here. The bulls need a break above 40,000 to target the 500-day moving average at 42,000 and 42,200. This is highly unlikely, but if we continue to rise, strong resistance could be seen at $44,100-44,400. On the downside, the analyst may decline to $36,400-36,000 and $34,400-34,000. On the other hand, while Ethereum (ETH) is facing resistance at $2,790-2,810, he states that the $2,900-2,920 and $3,025-3,055 resistances must be broken for a higher breakout to occur.