All altcoins are struggling to form a bullish candle, with Bitcoin price trying to stay above $50,000 and Ethereum price above $4,000. Most notably, Dogecoin (DOGE) and Ethereum Classic (ETC) were up around 5.63% and 5.91% respectively. According to analysts, the positive atmosphere before the New Year holidays may bode well for investors of both altcoin projects. Let’s take a look at the technical levels that will be decisive this weekend.
Phenomena set altcoin trends!
Recently, Dogecoin (DOGE) and Ethereum Classic (ETC) have been following more Bitcoin price than Ethereum. However, it should be noted that events that determine the direction and balance of the crypto market can quickly override. For example, Block Inc co-founder and CEO Jack Dorsey, Dogecoin co-founder Billy Markus, and Tesla CEO Elon Musk met on Twitter to discuss how some cryptocurrencies relate to corporate enterprise and Web3. The reciprocal tweets began with Dorsey, a well-known Bitcoin advocate and one of the founders of Twitter, tweeting about Ethereum, “If your goal is anti-establishment, I promise you this is not Ethereum.” In Markus, he took up Bitcoin and described the lead crypto as “powering only rich people.” That’s why Musk said that “the public’s money is Doge”.
Having underlined that altcoins‘ trend directions can change rapidly, let’s move on to the key levels analysts have identified for upside opportunities this weekend. Analyst Melanie Schaffer, who will accompany us in this article, sets the following technical levels for DOGE and ETC:
On Thursday afternoon, the December 16 high of $0.185 was surpassed. DOGE may need to appear HL (higher low) above $0.161 before higher levels.
HL level will be needed to confirm that Dogecoin has entered an uptrend.
Dogecoin is above the $0.185 level with resistance at $0.196 and $0.211 and the $0.16 and $0.13 support levels.
Ethereum Classic (ETC)
Like Dogecoin, Ethereum Classic will need to set an HL level, which can give bullish traders an opportunity to buy the dip.
ETC might struggle near the $38 level as this is where the 21 SMA is currently trending.
ETC resistances are above the $40.57 and $44.66 levels, with supports at $32.17 and $27.67.