Ether and Bitcoin Cash have broken significant downtrends, indicating potential bullish trends, while DOGE and SHIB show signs of recovery. Ether’s price has increased by over 8%, with BCH outpacing Bitcoin by 11%. The charts reflect positive patterns suggesting increased buying interest in memecoins.
In recent market developments, Ether (ETH) and Bitcoin Cash (BCH) have shown signs of shifting away from their downtrends, while the popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), appear to be hitting bottom. An analysis from CoinDesk’s Omkar Godbole highlights these trends, suggesting potential for upward movement in multiple cryptocurrencies.
Ether’s price surged over 8% today, breaking through a long-standing downtrend that has persisted since last December’s highs exceeding $4,100. This movement indicates that the demand for Ether is surpassing supply, marking what some analysts are calling a bullish market shift. The three-line break chart suggests a similar trend and is used by traders to identify clearer signals in the market, focusing on price movements while filtering out market noise.
Additionally, the BCH to BTC ratio has jumped by 11% during this week, demonstrating a significant breakout from a trendline indicative of a challenging bear market that has lasted over a year. This increase could signal that Bitcoin Cash might outperform Bitcoin straightforwardly in the near future.
On the meme coin front, DOGE and SHIB are also showing promising signs of recovery. Their market capitalisations have increased by about 7% and 5%, respectively, and their daily charts display a “rounding bottom” pattern. This pattern typically suggests a transition to a bullish trend, marked by a shift from lower highs to higher lows, which indicates rising buying interest amongst traders.
Omkar Godbole, who is based in Mumbai, serves as a Co-Managing Editor at CoinDesk’s Markets team and holds an advanced degree in Finance. He has a background in analyzing currency markets and holds various cryptocurrencies, albeit in small amounts. His insights continue to help traders navigate the evolving market landscape, observing both macro trends and micro movements.
