At this crucial point, a significant resistance level will probably dictate the next significant move for Bitcoin

At this crucial point, a significant resistance level will probably dictate the next significant move for Bitcoin. The 200-day Exponential Moving Average (EMA), which has served as both support and resistance in past cycles, is a major obstacle for Bitcoin

At this crucial juncture, a significant resistance level will likely dictate the next substantial move for Bitcoin. The 200-day Exponential Moving Average (EMA), which has served as both support and resistance in past cycles, stands as a major obstacle for Bitcoin, currently trading close to $84,000. A substantial advance at this point might pave the way for Bitcoin's subsequent surge, which might take it close to the eagerly awaited $100,000 milestone.

The dropping trading volume over the last few sessions is one of the most promising signs of a possible breakout. A decrease in volume during a correction phase often indicates that selling pressure is diminishing, allowing buyers an opportunity to exert greater influence. If Bitcoin can maintain its current momentum and pierce through the 200 EMA, the market may become even more bullish, signifying a significant trend reversal.

Despite this, Bitcoin remains at a turning point. It faces the risk of continuing to consolidate or even seeing another decline if it fails to breach the resistance level with conviction. In order to ascertain whether Bitcoin can continue its upward trajectory, macroeconomic factors such as institutional interest and liquidity trends, as well as the general sentiment of the market, will be critical.

For the time being, traders and investors should keep a close eye on the 200 EMA and the $84,000 level. If a daily close above these levels occurs, it is more likely that Bitcoin will test $90,000 and higher. However, if it fails to rise above this zone, which could result in additional corrections, it may be delayed. With volume patterns suggesting a possible reversal, the course of Bitcoin's price over the next few trading sessions could be very important.

Dogecoin's critical state

Still in a precarious position, Dogecoin is struggling to regain the critical $0.20 level. The meme coin is currently trading at about $0.17, and it faces notable technical hurdles that could affect its course in the upcoming weeks.

Dogecoin is engaged in a battle between areas of crucial support and resistance. One significant psychological and technical barrier is the $0.20 mark. A break above this threshold might pave the way for a more significant rebound. On the downside, a breakdown below the $0.14 support zone could indicate additional declines.

The approaching death cross pattern on the daily chart further supports the bearish outlook. This technical indicator, which appears when the short-term moving average crosses below the long-term moving average, is typically indicative of long-term downtrends.

With significant downward pressure, DEGO already experiencing the existence of this pattern only serves to increase the probability of future price difficulties. If buyers can maintain momentum above $0.18, meme coin still has the potential to recover despite bearish signals.

The full-scale bullish reversal, however, is likely to occur only if it breaks through the $0.20 resistance. Traders should now keep an eye on volume patterns and DOGE's capacity to remain above $0.16. If the selling pressure increases, the meme coin may test lower levels and possibly return to $0.14. Conversely, if it breaks above $0.20, invalidating bearish signals, DOGE may gain the strength it needs to push toward $0.25 and beyond.

Solana's poor state

Solana's price is still coming under pressure as a crucial technical indicator suggests more downside risks, and the asset is still struggling.

The asset, which previously experienced robust growth, is currently dealing with issues related to its most recent death cross, a bearish signal that happens when the short-term moving average drops below the long-term moving average. Death crosses have a history of confirming Downtrend, and Solana is no different. After its last death cross formation, SOL's price fell sharply, failing to hold onto important support levels. The market is not producing enough buying momentum to offset the selling pressure, and the bearish trend is still in control, even with brief relief rallies.

Right now, Solana is trying to make a slight comeback, trading at about $133. However, the upside potential is still limited as significant resistance levels at $146 and $173 may prevent additional growth. Breaking through these barriers would be required for any long-term recovery. On the down side, SOL might plunge toward the $120 support if the current levels are not maintained, potentially leading to a more severe decline.

According to the market structure, Solana needs a significant boost in volume and positive sentiment in order to resume its bullish trajectory. Until there is a clear breakout, SOL may continue to face downside risks, and the death cross is still a significant factor affecting investor confidence. For the time being, traders should pay special attention to the resistance at $146 and $173.