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- Cryptocurrencies traded largely decrease as we speak, with Bitcoin dipping to beneath $29k.
- BNB moved above XRP though bulls must maintain costs above $330 to maintain bears at bay, in any other case it might dump to $220 or decrease.
- Dogecoin spiked as Twitter rebranded to X. Can DOGE go larger?
Crypto information as we speak has been dominated by headlines across the launch of Worldcoin (WLD) token and Elon Musk’s Twitter rebrand to X. In the meantime, the broader crypto market has continued to see a stoop for main altcoins, with Bitcoin hovering simply above $29k following additional weak spot on Monday.
Whereas analysts have outlined a possible upward flip after latest consolidation, regulatory uncertainty stays an enormous detrimental set off. Additionally key this week may very well be the general investor response to the Federal Reserve’s coverage determination after their two-day assembly.
So, with these elements in perspective, what’s the worth outlook for BNB and Dogecoin?
BNB value outlook: $330 key help stage
BNB, the native coin of the Binance ecosystem, has overtaken XRP because the fourth largest crypto asset by market cap after the Ripple token slumped 6% on Monday. Nonetheless, BNB value can be down (at the moment 2%) and trades beneath its 20-day EMA.
BNB value chart. Supply: TradingView
Whereas help is probably going at $230, a dip beneath this buffer might permit bears to focus on a retest of areas beneath the decrease trendline of the symmetrical triangle.
It’s a state of affairs that would see BNB value such for recent footing round $220, an space that offered a breather in June this yr and in December 2022.
DOGE value outlook: One other push associated to X?
Dogecoin (DOGE) value was an outlier of types as we speak within the crypto markets. Whereas all main altcoins dipped, the OG meme coin spiked by 10% to interrupt above $0.075.
As Elon Musk revealed Twitter’s rebranding to X, he put the DOGE image subsequent to the X brand.
$DOGE up virtually 10% as Elon Musk provides Doge brand to his profile location pic.twitter.com/vDYn4KPzq3
— Dan Gambardello (@cryptorecruitr) July 24, 2023
Bulls took cue to push the coin larger and have succeeded in holding it above the 20-day and 50-day EMA.
Dogecoin value chart. Supply: TradingView
The shifting averages might provide a key demand reload zone ought to DOGE flip decrease. Nonetheless, the every day RSI is trending upwards however not but overextended into the overbought territory.
This means potential upside strikes are nonetheless doubtless, notably in relation to information round DOGE adoption on X.
If bulls push larger, the world round $0.08 can be a key barrier that would wish a convincing retest. $0.09 and $0.11 may very well be the subsequent bull targets. On the draw back, a breakout beneath $0.07 might threat a dump to $0.057.