Top 3 Trending Coins: BTC Eyeing Return to $30K, DOGE Eying $0.10 Amid Crypto Rally

Key Points

• Bitcoin briefly surpassed $24,000 on Wednesday, with bulls eyeing a near-term test of $25,400 and possibly also $30,000.
• Dogecoin outperforms after breaking above a short-term downtrend and its 50DMA and is eyeing a test of $0.10.
• Shiba Inu is also outperforming and is eyeing a break above $0.000013 that could signal a move to $0.000017.

Bitcoin (BTC) Surpasses $24,000, Eyes Move to $25,400

Bitcoin, the world’s largest cryptocurrency by market capitalization, surpassed the $24,000 per token mark on Wednesday, rallying at one point more than 2.0% on the day despite a moderate pullback from weekly highs in US equities, which with crypto typically has a close correlation. Broadly speaking, the macro mood this week is still one of risk on, with US earnings for the most part surprising to the upside and fears about the energy crisis easing amid expectations that Russia will restart gas flows via the Nord Stream 1 pipeline on Thursday as planned.

This continues to offer cryptocurrency markets broad support. Chatter has also been building in recent weeks about Bitcoin (and other major cryptocurrencies) having already bottomed for this bear market. Glassnode and Grayscale have both this week cited a metric that indicates that Bitcoin HOLDers (who have owned their coins for more than three months) now account for over 80% of total USD wealth stored in the cryptocurrency. When this threshold has been hit in previous bear markets, it has reliably signaled that the bottom is close.

In another sign that the cryptocurrency market bottom may be in, at least for now, alternative.me’s Bitcoin “Fear and Greed” Index rose back to 30, lifting it to a state of “Fear” from “Extreme Fear” for the first time in 73 days.

The more Bitcoin rises, Fear Of Missing Out (FOMO) is likely to rise also and this could drive further gains for the cryptocurrency. Bitcoin broke above its 50-Day Moving Average (just under $23,000) on Tuesday. It fell briefly fell back below $23,000 earlier on Wednesday to test the level, before proceeding to rally above $24,000 for the first time since 13 June.

According to CoinMarketCap, Bitcoin is one of the best performing cryptocurrencies in the top 20 by market cap with gains of above 8.0% in the last 24 hours, lagging only Dogecoin and Shiba Inu. With the cryptocurrency now above its 21 and 50DMAs, short-term bulls have their sights set on a test of resistance in the form of the May low at $25,400.

Bitcoin to Move Back Above $30,000?

At the start of this week, Bitcoin broke above a key long-term downtrend that had been capping its price action going all the way back to early April. Some technicians think that this may give the cryptocurrency enough technical momentum to recover all the way back above the $30,000 level and on towards a test of the support-turned-resistance area in the $32,500-$32,900 area. If things really go well, Bitcoin might even be looking at a test of its 200DMA at $35,200.

Dogecoin (DOGE) Eyes Return to $0.10?

Dogecoin is the best performing cryptocurrency in the top 20 by market cap on Wednesday over the past 24 hours, according to CoinMarketCap. Over this time period, the cryptocurrency has rallied an impressive 9%. DOGE/USD is currently changing hands in the $0.0735 area, having been as high as $0.077 earlier in the day.

Wednesday’s rally marks a significant shift in the cryptocurrency’s near-term technical momentum. Firstly, Wednesday’s move higher marks a clean break above a downtrend that had been capping the price action since mid-May. It also marks a clean break above the cryptocurrency’s 21 and 50-Day Moving Averages in the respective $0.066 and $0.067 areas.

Dogecoin has now rallied a stunning more than 25% since last Tuesday’s sub-$0.060 lows. Short-term bulls are now eyeing a test of resistance near $0.08. A break above here could open the door to a run higher towards $0.10. Notably, Dogecoin still remains caught well within a long-term downwards trend channel that has been capping its price going all the way back to the start of the year.

An announcement by the world’s largest cryptocurrency exchange Binance on Wednesday that it was offering new rewards for those who stake their Dogecoin holdings may be helping the recent rally. Binance users holding Dogecoin could earn annual percentage yields of up to 10%.

Shiba Inu (SHIB)

Shiba Inu has been a beneficiary of the recent upturn in crypto risk appetite, marching through various key levels of resistance in the form of late-May/June highs in the $0.000012 to $0.000013 areas in recent days. SHIB was last changing hands around $0.0000129 per token on Wednesday, up an impressive around 8.5% in the past 24 hours on Wednesday, making it the second best performing cryptocurrency in the top 20, lagging only its dog-inspired meme coin peer Dogecoin, which is up over 9.0% over the same time period.

If SHIB can muster a clean break above the $0.000013 level, this would open the door to a swift rally back towards the $0.000017 level. Between $0.000013 and $0.000017, there aren’t any notable areas of resistance to block bullish progress. A jump between these levels would mark an impressive 30% rally. Beyond $0.000017, there is more resistance around $0.0000184 and then the 200DMA just below $0.000020.