Home Markets Dogecoin Leads Bitcoin, Ethereum in the Weekend: What Happens Next? – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Dogecoin Leads Bitcoin, Ethereum in the Weekend: What Happens Next? – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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Dogecoin Leads Bitcoin, Ethereum in the Weekend: What Happens Next?  – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Dogecoin DOGE/USD showed comparative strength to much of the crypto sector during Friday’s 24-hour trading session.

On Friday afternoon, the Shiba Inu-based cryptocurrency was up more than 4% at one point as Bitcoin BTC/USD and Ethereum ETH/USD decreased by approximately 4% and 3%, respectively.

Despite the drop in both apex cryptos, the sector has shown strength against the general markets since the Federal Reserve rising interest rates 0.75% on Wednesday.

The S&P500, which was trading down around 2.7% on Friday afternoon, has plunged 5.6% since the market opened on Wednesday and is expected to rebound. The market will be watching the behavior of the crypto sector over the weekend to see if the stock market rebound is predicted for Monday.

Here’s a look at the three cryptocurrencies ahead of the weekend.

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The Bitcoin chart: Bitcoin has been trading in a sideways streak since Sept. 19, almost forming a quadruple inside bar pattern, except for the brief dip below Monday’s lower range on Wednesday.

  • The inside bar pattern is neutral as Bitcoin shows no clear trend direction. Traders can watch as the crypto breaks or breaks from Monday’s parent bar on above-average volume to gauge future direction over the weekend.
  • Bitcoin has resistance above $19,915 and $21,313 and support below at $17,580 and $16,000.

Ee Ethereum chart: Similar to Bitcoin, Ethereum was working to print an inside double bar pattern on Friday, with all of Thursday and Friday’s price action taking place within Wednesday’s trading range. Traders and investors can watch for the crypto to break down or break away from the parent bar on above-average volume, which will likely coincide with Bitcoin breaking from its inside bar pattern.

  • A rebound is likely to happen soon as Ethereum’s Relative Strength Index (RSI) measures around 36%. When a stock or a crypto’s RSI approaches or reaches the 30% level, it becomes oversold, which can be a buy signal for technical traders. Ethereum’s RSI is more oversold than Bitcoin’s.
  • Ethereum has resistance above $1,421.80 and $1,717.41 and support below at $1,245 and $1,081.

The Dogecoin chart: Dogecoin split higher from an inside bar pattern on Friday, which confirmed that the crypto is trading in an uptrend. Dogecoin’s most recent low was formed on September 21 at $0.056 and when the crypto began to surge on Friday, a high above 6 cents was printed.

  • If Dogecoin is currently acting as an indicator for the crypto sector, Bitcoin and Ethereum are more likely to break apart higher from their inside bar patterns. If Bitcoin and Ethereum break out of the pattern, bullish Dogecoin traders will want to see the crypto retrace to form another higher low and not undo the current uptrend.
  • Dogecoin has resistance above $0.065 and $0.075 and support below at $0.057 and the 5 cent mark.

See also: Dogecoin price increased by more than 3% in 24 hours

Photo: BBbirdZ via Shutterstock

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