- Bitcoin and Ethereum spike after Elon Musk’s comments at the B Conference on Wednesday.
- Ethereum price closes the gap to $2,000 as investors eye liftoff to $2,400.
- Dogecoin joins the rest of the crypto market in recovery, closing in on $0.2
The market was dotted mainly green on Wednesday as crypto assets found balance in the wake of losses earlier in the week. Bitcoin renewed the price action above $30,000 and stepped above $32,000 amid Elon Musk’s comments at the B Conference.
The billionaire affirmed that Tesla would go back to accepting BTC as payment of its electric vehicles as mining goes green. Moreover, Elon revealed that he owns Ethereum on top of Bitcoin. Furthermore, SpaceX, his founded Space Company, also owns Bitcoin.
Ether has already rebounded from the weekly low of $1,730 as Musk’s comments hit mainstream media. The pioneer smart contract token extended the bullish leg above $1,900 on Musk’s remarks at the B Conference.
The bullish outlook took a hiatus above $1,900 but seemed to have resumed on Thursday ahead of the European session. At the time of writing, Ethereum trades at $1,997 while bulls battle to push the price above $2,000.
Meanwhile, resistance brought about by the 100 Simple Moving Average (SMA) must come down to allow bulls to extend their party above $2,000. The 200 SMA at $2,050 will also hinder the upswing, but investors have their eyes on $2,400.
ETH/USD four-hour chart
Dogecoin price gained considerable ground mid-week after the drop to $0.16. The nurtured uptrend could have been a reaction to oversold conditions earlier in the week and the presence of Elon Musk at the B Conference.
Although Musk did not dwell on the meme coin this time, his appearance only signifies a lot for DOGE. Hence, the token rallied toward $0.2 but currently exchanging hands at $0.191.
It is essential to realize that Dogecoin is trading above a long-term descending trend line, a move that could strengthen the uptrend. The position above this line must be defended to allow bulls time to plan the subsequent recovery above $0.2.
DOGE/USD four-hour chart
Trading above $0.2 will also cement the buyers’ presence in the market as they gaze at $0.3. Several hurdles that must be dealt with along the way include the 50 SMA and the 100 SMA on the four-hour chart.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.