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Dogecoin & Ethereum Hit RECORD HIGHS!

05 May, 2021 Martin Petkov
Dogecoin & Ethereum Hit RECORD HIGHS!

Hello and welcome, everyone. It's Martin here with CryptoGains. A couple of interesting developments that we need to discuss today, starting, of course, with Ethereum, which reached a new all-time high just above $3500. And, in addition to growing institutional demand, another reason for that run-up was a short squeeze, where a lot of traders who have accumulated short positions were squeezed out of the market. They hit to buy them back, and that pushed the price of Ethereum strongly upwards.

In addition to that, Dogecoin is another strong performer, reaching a new all-time high near the $0.69 level. And, in addition to that, as we can see from the chart in this article further down below, huge increases in Dogecoin actually tend to be a leading indicator for an upcoming rally in altcoins. So, if history repeats itself, we can anticipate that the most recent increase in Dogecoin is signalling the beginning of a new altcoin season.

Another strong performer is Chainlink, which hit a new all-time high amid the announcement that SmartZip is expanding its services to the Oracle-based network, which, of course, is supporting Chainlink and signalling trust from market participants in it. And, finally, 5 May marks the highly anticipated release of the latest version 3 upgrade of Uniswap, and, of course, is driving Uniswap prices higher, as well.

So let's take a look at the technical charts and see how you can trade some of these insights. Beginning with Bitcoin versus Tether, the critical pivot point is $55,500. Above that level, buying Bitcoin with targets at $56,000 and $56,500. Conversely, below $55,500, declines down to $55,000 and $54,000 are possible.

After reaching a new all-time high of about $3500, Ethereum is now consolidating gains, but the level of $3325 is acting as a very good pivot point. So, above that level, buying Ethereum, with targets at $3425 and $3520. Conversely, if we fall below $3325, we could see further declines down to $3275 and $3230.

And now, let's take a look at Dogecoin. The massive increases in Dogecoin make it somewhat difficult to predict support and resistance levels, especially given that we don't have any past data. So here I'm using a Fibonacci extension to come up with some reasonable targets. To me, the pivot points sit at $0.655. Above that level, buying Dogecoin, with targets at $0.6925 and $0.86. And, of course, eventually, many people believe that it's going to reach $1. Conversely, if we fall below $0.655, we could see retracement back to the previous high at $0.605 on the short side.

Now let's take a look at Chainlink. The pivot point for Chainlink sits at $48.90. And, above that level, there's a good opportunity to buy Chainlink, with targets at $51 and then, afterwards, at $52, which is going to be a new all-time high. Conversely, below $48.90, we could see declines to $47.75, the next support area, and then the next support area on the short side at $45.35.

And, finally, let's take a look at Uniswap. The pivot point for Uniswap is $43.40. Above that level, buying Uniswap, with targets at $44 and $44.90, the nearest resistance areas. Conversely, below $43.40, declines are possible to the nearest supports at $42.70 and $42.20.

Thanks for joining me today. There will be no video tomorrow, and we'll be back on Friday. As always, keep learning with the video education section and the Crypto Gains Market Insight subsection. Remember to join Crypto Signals Made Easy channel for lots of insightful articles and trade signals. Thanks for joining us today. Trade wisely. See you soon.

Bye-bye.

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