Dogecoin Overtakes Bitcoin, Ethereum Gains: Analyst Sees Apex Crypto at $18,000 if it Clears This Level

Benzinga – Major coins soared Tuesday evening as the global cryptocurrency market capitalization rose 4.4% to $854.2 billion as of 8:30 p.m. EST.

Price performance of major coins

Top 24 hour gainers (data via CoinMarketCap)

Why is this important: Dogecoin led the gains among major plays. The bellwether coin was among the top gainers on Tuesday.

Cryptocurrencies were in the green at the time of writing, although US stock futures held steady ahead of a speech by the US Federal Reserve Chairman Jerome Powell.

“Bitcoin bounces around the $16,000 level as cryptocurrency traders wait for the next domino to fall in the FTX saga,” said Edouard Moyaa senior market analyst with OANDA.

Moya said it was not a “friendly environment” in which to buy the cryptocurrency drop given the high downside risks.

“Bitcoin could continue to stabilize here if Wall Street rebounds, but that seems unlikely as this bear market for stocks has yet to bottom. Bitcoin has support ahead of the $15,500 level, but if that doesn’t does not hold, the technical sell could push prices up towards the region of $13,500,” Moya said in a note seen by Benzinga.

Michael van de Poppe said on the Bitcoin chart that the coin had bottomed out and was once again targeting resistance. The cryptocurrency trader said that the coin removing the range between the $16,500 level and $16,800 would trigger a pursuit towards the $18,000 level for the apex coin.

Makes sense after this bounce as we have created an HL on #Bitcoin and are aiming for resistance again.

Removing the range between $16.5 and $16.8,000 would trigger a pursuit towards $18,000. pic.twitter.com/j2ZymCZKVZ

— Michael van de Poppe (@CryptoMichNL) November 29, 2022

Trader Justin Bennett said he sees “a lot of upside” for Bitcoin if it can break above the $16,981 level.