Dogecoin has managed to snap a two-day losing streak, with sentiment in the crypto market remaining bullish. The meme coin rose by over 5% on Thursday, reaching a peak of $0.08838 from a low of $0.0821 on Wednesday. This surge allowed Dogecoin to move away from a key level of support at $0.0810.
Chart analysis shows that the relative strength index (RSI) broke out of a ceiling at 55.00, giving confidence to bulls in the market. Currently, the RSI strength is tracking at the 56.65 level, with a resistance of 60.00 as a possible target for bulls. Should this target be hit, there is a strong possibility that DOGE will go above $0.09000.
On the other hand, Solana, the blockchain platform primed for scalable DeFi, continued its upward trend for a fifth straight session. SOL/USD moved to an intraday high of $25.24 from a low of $23.43 on Wednesday. This jump in price sent Solana to its highest point since February 21, and closer to a key resistance level at $26.00.
Despite recent gains, the RSI for SOL has pushed deep into overbought territory, with the index tracking at 69.27, which is marginally below an upcoming level at 70.00 that has already acted as a hurdle for earlier bulls. At the time of writing, SOL is currently trading at $25.00, which is relatively lower than its earlier peak.
Many analysts predict that the bullish crypto market sentiment is likely to continue, given the increasing adoption of digital currencies by many companies and governments worldwide. Although digital assets remain relatively volatile, they have become popular among investors who seek to diversify their investment portfolios.
Overall, market players expect both Dogecoin and Solana, along with other cryptocurrencies, to maintain an upward trend in the coming days as the crypto market maintains a bullish tone. However, investors should be mindful of the risks associated with digital assets and should conduct thorough due diligence before investing.
Additionally, it is important to note that cryptocurrency prices can be influenced by various factors, including current events, technological advancements, and government regulations. Therefore, market players should stay updated with the latest news and developments in the crypto industry to make informed investment decisions.
In conclusion, the crypto market looks set to continue its positive momentum, with Dogecoin and Solana at the forefront of this trend. Regardless of the volatility, crypto assets continue to draw the interest of many investors who see the potential for significant returns. However, investors should be cautious and well-informed before investing in any digital assets, especially as the market remains highly unpredictable.
