- Dogecoin rallies 34.5% following the much-publicized listing on Coinbase Pro.
- Bitcoin prints a symmetrical triangle with a breakout eyeing $50,500 amid the consolidation.
- Ethereum reclaims the100 SMA support on the four-hour chart, allowing bulls to focus on $3,000.
- Ripple bulls look forward to a massive 38% liftoff to $1.45.
The market is relatively consolidated apart from selected altcoins such as Dogecoin, Polkadot, and Shiba Inu. The former is up a whopping 34.5% in the last 24 hours following its listing on Coinbase Pro.
As reported earlier on Wednesday, the leading cryptocurrency exchange in the United States, Coinbase, will from Thursday expose users to the meme coin with the ability to trade multiple fiat and crypto pairs.
The news reverberated in the cryptocurrency market amid another tweet from Elon Musk regarding Dogecoin. At the time of writing, DOGE trades at $0.43 while looking forward to another swing higher, especially with the trading starting on Coinbase Pro.
Bitcoin bulls eye massive gains above key technical pattern
The flagship cryptocurrency has been consolidating following the initial drop under $40,000. A couple of trend lines drawn on the four-hour chart link sequential peaks and troughs, bringing to light a symmetrical triangle.
As the trend lines converge, Bitcoin sinks deeper in consolidation, characterized by low trading volumes. Note that a symmetrical pattern can lead to either a bullish breakout or a breakdown. It is worth keeping in mind that a breakout is expected before the lines meet at a relatively equal slope.
Meanwhile, BTC appears to be dealing with short-term resistance at $38,000, extending to the 100 Simple Moving Average (SMA). Trading above these two levels may allow BTC to slice through the triangle’s upper trend line and, perhaps, set the pace for the 32% target at $50,500.
BTC/USD four-hour chart
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Ethereum gradually dealing with numerous hurdles
Ethereum seems to be dealing with multiple seller congestion zones in the wake of last week’s slump under $2,200. Recovery has been gradual but appears to have come to a complete stop below $2,700.
It is essential to note that bulls have recently taken down the resistance at the 100 SMA, a move that has empowered them to focus on gains above $3,000. The Moving Average Convergence Divergence (MACD) upholds the uptrend after settling beyond the mean line (0.00). Besides, the MACD line (blue) has a bullish divergence from the signal line, hinting that Ether is still in a buy zone.
ETH/USD four-hour chart
Ethereum must make a four-hour close above the 100 SMA to validate the uptrend. Otherwise, losing this level as support may see overhead pressure intensify and point the pioneer altcoin down the rabbit hole.
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Ripple awaits another upswing to $1.45
Ripple has lagged the price action after stepping above $1. Despite the positive investor sentiment, the general sideways activity in the entire cryptocurrency market seems to impact the cross-border money transfer token.
At the time of writing, XRP trades at $1.02 while stuck in consolidation within the confines of an ascending triangle. The formation of this pattern shows that XRP is about to reverse the trend, leading to a possible breakout with a 38% target.
The ascending lows are interpreted to ascertain that bulls gain traction against the bears. Despite the failed attempts to lift above the horizontal line’s (x-axis) resistance, the ascending triangle confirms when the price finally slices through.
XRP/USD four-hour chart
It is worth noting that an increase in volume typically characterizes a breakout. The distance between the highest and the lowest points of the triangle represents the ascending triangle target; hence, Ripple’s 38% potential move to $1.45.
On the other hand, closing the day under $1 could see selling pressure spike and XRP exploring levels toward $0.9 and $0.8.
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