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Cryptocurrencies traded largely lower today, with Bitcoin dipping to below $29k.
BNB moved above XRP although bulls need to keep prices above $330 to keep bears at bay, otherwise it could dump to $220 or lower.
Dogecoin spiked as Twitter rebranded to X. Can DOGE go higher?
Crypto news today has been dominated by headlines around the launch of Worldcoin (WLD) token and Elon Musk’s Twitter rebrand to X. Meanwhile, the broader crypto market has continued to see a slump for major altcoins, with Bitcoin hovering just above $29k following further weakness on Monday.
While analysts have outlined a potential upward flip after recent consolidation, regulatory uncertainty remains a big negative trigger. Also key this week could be the overall investor reaction to the Federal Reserve’s policy decision after their two-day meeting.
So, with these factors in perspective, what’s the price outlook for BNB and Dogecoin?
BNB price outlook: $330 key support level
BNB, the native coin of the Binance ecosystem, has overtaken XRP as the fourth largest crypto asset by market cap after the Ripple token slumped 6% on Monday. However, BNB price is also down (currently 2%) and trades below its 20-day EMA.
BNB price chart. Source: TradingView
While support is likely at $230, a dip below this buffer could allow bears to target a retest of areas below the lower trendline of the symmetrical triangle.
It’s a scenario that could see BNB price such for fresh footing around $220, an area that provided a breather in June this year and in December 2022.
DOGE price outlook: Another push related to X?
Dogecoin (DOGE) price was an outlier of sorts today in the crypto markets. While all major altcoins dipped, the OG meme coin spiked by 10% to break above $0.075.
As Elon Musk revealed Twitter’s rebranding to X, he put the DOGE symbol next to the X logo.
$DOGE up almost 10% as Elon Musk adds Doge logo to his profile location pic.twitter.com/vDYn4KPzq3
— Dan Gambardello (@cryptorecruitr) July 24, 2023
Bulls took cue to push the coin higher and have succeeded in keeping it above the 20-day and 50-day EMA.
Dogecoin price chart. Source: TradingView
The moving averages could offer a key demand reload zone should DOGE flip lower. However, the daily RSI is trending upwards but not yet overextended into the overbought territory.
This suggests potential upside moves are still likely, particularly in relation to news around DOGE adoption on X.
If bulls push higher, the area around $0.08 will be a key barrier that would need a convincing retest. $0.09 and $0.11 could be the next bull targets. On the downside, a breakout below $0.07 could risk a dump to $0.057.
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