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Bitcoin falls to $60,636 as cryptos extend bearish mood

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ISLAMABAD: The cryptocurrency market remained bearish for the third straight day on Saturday, with the market capitaliation shedding 2.8 percent to reach $2.8 trillion as of 1440 hours GMT.

Bitcoin, the largest cryptocurrency, went down by 1.45 percent to reach $60,636. With this decrease in price, the market capitalisation of the biggest cryptocurrency has reached 1.142 trillion. Bitcoin hit one-week highs of $63,400 on Tuesday last.

Similarly, ether (ETH) price, which set up a new high at $4,680 on Wednesday, dipped by 2.46 percent to reach $4,396. With this decrease in price, the market capitalisation of ETH has reached $515.9 billion.

Likewise, XRP price decreased by 1.68 percent to reach $1.13. The market capitalisation of XRP stands at $113.5 billion after this decrease.

On the other hand, cardano (ADA) price slipped by 0.89 percent to reach $1.97. Its market capitalisation has reached $63.7 billion with this decrease.

Following the market mood, dogecoin (DOGE) edged down by 1.68 percent to reach $0.257. With this decrease in price, the market capitalisation of doge has reached $33.8 billion.

According to experts, dogecoin price has been consolidating for nearly six months without a palpable upswing. While this price action is annoying, DOGE seems to be in a similar accumulation phase to Shiba Inu before breaking out.

Dogecoin price has been stuck under the 50% Fibonacci extension level at $0.45 for roughly six months. This consolidative price action for DOGE seems to be changing as buyers are ready to push the meme coin higher.

Since October, dogecoin price has set up higher highs and higher lows, suggesting an uptrend. For this bullishness to continue, DOGE needs to slice through two barriers at $0.31 and $0.36. Flipping these levels into support floors will confirm a resurgence of buyers and propel Dogecoin price to $0.45, coinciding with the 50% Fibonacci retracement level. This ascent would constitute a 70% gain from the current position.

In a highly bullish case, investors can expect DOGE to flip the $0.45 ceiling into a launching platform, which could trigger a massive upswing to 2021 highs at $0.75.

On the flip side, if the dogecoin price fails to shatter $0.31 or $0.36, it will imply a weak buying pressure or an increased selling pressure. Either way, it could lead to a downswing toward the stable support level at $0.19.

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