While Bitcoin is spending time below the resistance level before the Fed rate decision, Dogecoin price is pushing the last 17-month highs against BTC. Let’s take a quick look at what 5 master analysts have to say about the duo.
Despite BTC selling wall, hopes of breaking remain
Material Indicators
The cryptocurrency market is eagerly awaiting the Fed’s announcement on interest rates on November 2. Less than 24 hours before the meeting, the on-chain data source Material Indicators reported a decrease in sell orders. “Binance orderbook is starting to look like a Tetris game,” MI analysts wrote on Twitter today. One chart shows that resistance was added just below $30,000 at the monthly close on October 31. Material Indicators said, “If the $46 million block at $30,000 falls into the active trading range, it will push the price down. On the contrary, if it goes up, BTC should work,” he continues. “Signals from the Fed on Wednesday could be a catalyst,” analysts added.
Crypto Tony
Meanwhile, analyst Crypto Tony highlighted the potential for upside re-entry based on the recent performance. “The bulls stepped in at the right time to defend the support zone,” he tweeted alongside an explanatory chart:
Now the question is, are we going to get a pump from here or dive and then rally to fix the liquidity dips?
coinglass
The monthly close for Bitcoin is around $20,500, marking a modest increase from gains of 5.6% in September and October, according to data from Coinglass.
Analysts split as Dogecoin rally continues
Dogecoin broke its multi-month downtrend with Elon Musk’s acquisition of Twitter. “A test at $0.17 seems inevitable at this point,” Crypto Tony says in a separate analysis. “We will continue to see more Doge tweets from Elon Musk,” according to the analyst.
Other popular analyst Anbessa warned of adding DOGE at current levels. But other analysts are more impatient about it. Anbessa, on the other hand, urges caution, “especially now if you’re Fomo and haven’t caught all the action.”
$DOGE/BTC Update
Parabola S/R flip (resistance) and close sub current key trendline resistance.
Caution, especially if you Fomo now & haven’t caught the whole move. pic.twitter.com/vu3OoMAvsA
— AN₿ESSA (@Anbessa100) November 1, 2022
Giant wealth management firm predicted the future of Twitter and Dogecoin
In a recent note, Bernstein says it’s “not unreasonable” to imagine a Dogecoin future for Twitter. The firm suggests that Dogecoin could be Twitter’s “app currency”. As reported by cryptokoin.com, Dogecoin recently experienced a stellar price rally after Tesla CEO Elon Musk bought Twitter. Earlier today, the entrepreneur posted a photo of a Shiba Inu dog in a T-shirt with the Twitter logo. Many say this indicates an impending integration.
Still, it’s now clear how Dogecoin could potentially be used by Twitter users. There is some speculation on this that it could be used to pay for a Twitter Blue premium subscription. Musk came up with such an idea in April after initially buying a 9.2% stake in Twitter.
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