- Cryptocurrencies fell sharply right this moment, bitcoin fell under $29,000.
- BNB has outperformed XRP, however the bulls have to preserve the value above $330 to maintain the bears at bay, in any other case a drop under $220 is feasible.
- Dogecoin skyrocketed as Twitter rebranded to X. May Dogecoin Rise Additional?
Crypto information right this moment is dominated by headlines in regards to the launch of the Worldcoin (WLD) token and the rebranding of Elon Musk’s Twitter account to X. In the meantime, the broader crypto market continues to wrestle for main altcoins, with Bitcoin hovering simply above $29,000 after additional declines on Monday.
Analysts have outlined a possible upside after latest consolidations, however regulatory uncertainty stays a significant drag. Additionally key this week could be the investor collective response to the Fed’s coverage choices after the 2 days of conferences.
So, given these components, what’s the value outlook for BNB and Dogecoin?
BNB Value Outlook: $330 Key Help Stage
BNB, the native coin of the Binance ecosystem, overtook XRP to turn into the fourth-largest cryptocurrency by market capitalization after the Ripple token dropped 6% on Monday. Nevertheless, the BNB value has additionally fallen (at present 2%) and is buying and selling under the 20-day EMA.
BNB value chart. Supply: TradingView
Help is probably going at $230, however a drop under this buffer might enable the bears to retest the world under the decrease trendline of the symmetrical triangle.
This can be a situation the place the BNB value might discover new footings round $220, a area that took a breather in June this yr and December 2022.
DOGE Value Outlook: A New Increase Associated to X?
The value of Dogecoin (DOGE) has been one thing of an outlier within the cryptocurrency market right this moment. OG Memecoin surged 10% to interrupt above $0.075 whereas all main altcoins fell.
When Elon Musk introduced Twitter’s rebranding to X, he put the DOGE image subsequent to the X brand.
$ Doge Practically 10% improve as Elon Musk added the Doge brand to his profile location pic.twitter.com/vDYn4KPzq3
— Dan Gambardero (@cryptorecruitr) July 24, 2023
The bulls have managed to push the coin larger and maintain it above the 20- and 50-day EMAs.
Dogecoin value chart. Supply: TradingView
Transferring averages can present vital demand reload zones if DOGE dips. Nevertheless, though the every day RSI is trending upwards, it has but to increase into overbought territory.
This implies that potential upside continues to be excessive, particularly in relation to the information of DOGE’s adoption in X.
If the bulls rally additional, a vital barrier close to $0.08 would require a convincing retest. $0.09 and $0.11 will be the subsequent bullish targets. On the draw back, a break under $0.07 dangers a plunge to $0.057.
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