The altcoin space displayed notable recoveries today as Bitcoin soared past $95K , currently trading at $95,399. While most tokens printed significant movements, Dogecoin and Monero grabbed investor attention with their current performances. Let’s find out more. Bitcoin above $95K Bitcoin has regained $95K after plunging beneath $90K on Monday. Its recent drop catalyzed over $730 million in crypto liquidations. The bellwether crypto exhibits massive volatility, with fading institutional demand suggesting more weakness. Coinglass data shows BTC spot ETFs recorded over $284M in outflows on Monday, extending the trend since 8 January. Continued outflows might plunge Bitcoin further. Analyst Michael va de Poppe expects BTC to reclaim the $100K psychological mark since the latest dip grabbed liquidity around the $91.5K mark. Michaël van de Poppe @CryptoMichNL · Follow Great news.Liquidity has been taken by the lows at $91.5K and strong bounce upwards.Next week we’ve the inauguration of Donald Trump and this week we’ve got inflation data.I’m expecting that we’re grinding back to $100K. 11:32 AM · Jan 14, 2025 403 Reply Copy link Read 51 replies However, enthusiasts should watch this week’s inflation data and Donald Trump’s 20 January inauguration. DOGE at a vital region The largest meme token by market cap traded at $0.3445 after gaining 6% in the past 24 hours. Chart by Coinmarkectap The current price places DOGE above a vital support zone of $0.30. DOGE gained more than 25% to $0.40 the last time it topped this mark. A repeat of this performance will mean a 16% increase from current prices. Dogecoin’s bullish metrics support the anticipated gains. Data shows investors and traders remain confident in the alt’s potential. Crypto analyst Ali Martinez highlighted robust bullishness among traders, citing Coinglass stats . Ali @ali_charts · Follow 81.05% of all traders on Binance with open #Dogecoin $DOGE positions are betting that it will go up! 11:53 AM · Jan 12, 2025 544 Reply Copy link Read 47 replies The Binance DOGE/USDT long-short ratio at 4.28 reflects magnified optimism among Dogecoin traders. Over 81% of traders expected continued gains, whereas 18.56% held short positions. The massive bullish positions on Binance reflect bullishness despite broad market uncertainty. On-chain data also signals accumulation by longer-term holders. The spot outflows/inflows data shows DOGE worth $54 million left exchanges within the last two days. That confirms dip-buying ahead of the US presidential inauguration ceremony. The current outlook shows that Dogecoin could hold above $0.30 for extended gains past $0.40. Sudden selling pressure will breach the support level, potentially catalyzing a 35% drop to the $0.225 foothold. Monero secures reliable support XMR changes hands at $204.65 after gaining over 4% within the past day. Chart by Coinmarketcap The upside stance emerged after the alt secured support around an ascending trendline today. The altcoin touched a daily high of $206.77 after bouncing off from an ascending trendline – which connected multiple swing lows from mid-November 2024. Meanwhile, technical analysis support continued rallies, with a bullish divergence signaling double-digit surges. Maintaining the prevailing momentum might extend XMR’s recovery to 16 December levels of $232 – a 14% increase. The daily RSI at 56.23 indicates bullish momentum, suggesting more room for Monero gains until reaching overbought regions. Moreover, the bullish crossover between the MACD and the signal line demonstrates a bullish resurgence. Chart by TradingView However, intensified selling pressure will likely drag XMR beneath the ascending trendline. A candlestick closing below $180.79 might trigger plunges to $167 – 20 December lows. That would mean an over 18% crash from current Monero prices. The post Altcoin update: DOGE at a key turning point as Monero gains on BTC’s recovery appeared first on Invezz
