Dogecoin (DOGE) Confirms First Golden Cross, Shiba Inu (SHIB) Downtrend Ending, Bitcoin (BTC) Price Hits $120,000, Eyes New ATH — Crypto News Digest

Dogecoin (DOGE) confirms golden cross

Dogecoin sets out in Uptober with bullish golden cross.

• Golden cross signal. 50-hour MA crossed above 200-hour MA

Dog-themed cryptocurrency Dogecoin (DOGE) has confirmed a golden cross, which incidentally is the first such in October, a historically positive month for the markets, referred to as "Uptober" in crypto parlance. The 50 hourly MA has crossed above the 200 hourly MA, confirming a golden cross on the hourly chart. 

The appearance of this signal coincides with a 10% price jump for Dogecoin in the last 24 hours.

Dogecoin surged nearly 10% as traders speculated on U.S. ETF approvals and institutional interest. At press time, DOGE was trading at $0.257 and up 11% weekly as the broader crypto market largely saw gains. 

• Market context. Rally driven by speculation over potential U.S. ETF approvals and institutional inflows.

The U.S. government shutdown failed to push digital assets lower this week, as traders positioned for looser global liquidity conditions. Major cryptocurrencies, including Dogecoin, saw gains, with the total crypto market capitalization now at $4.08 trillion. 

Support is envisaged for Dogecoin at $0.237 with resistance at $0.269, reaching $0.288 if surpassed. A decisive break above $0.288 might cause Dogecoin to reach $0.32, with the market anticipating Dogecoin ETF approvals.

Shiba Inu (SHIB) regains strength, eyes trendline breakout

Shiba Inu's multi-month downtrend might finally end after this move.

• Price action. SHIB trades near $0.0000126, regaining momentum after weeks of sideways action.

Following several weeks of sideways trading and support tests, Shiba Inu is beginning to show signs of strength. A descending trendline spanning several months that has held the price steady since mid-summer is prominent on the daily chart. The prospect of ultimately ending the downtrend is once again present, as SHIB is now regaining momentum and moving closer to this resistance.

• Technical setup. 50 EMA reclaimed on the daily chart, historically a key pivot for momentum shifts.

SHIB has successfully regained its 50 EMA on the daily chart, which has historically served as a pivotal point for momentum changes and is currently trading close to $0.0000126. The successful retest of the triangle support zone at $0.0000120 sealed SHIB’s return to its consolidation structure. This action strengthens the argument that consumers are taking back control.

Bitcoin (BTC) reclaims $120K amid market-wide eally

Bitcoin is surging sharply higher as the U.S. government shutdown continues. 

• BTC price action. Bitcoin trades at $120,020 on Bitfinex, first reclaim of $120K since Aug. 14.

Bitcoin, the flagship cryptocurrency, has reclaimed the $120,000 level for the first time since Aug. 14 on the Bitfinex exchange. The leading cryptocurrency is currently changing hands at $120,020 on the popular trading platform, steadily approaching its current record high of $124,128. The top coin has seen a relentless rally amid the ongoing U.S. government shutdown, which has seemingly bolstered the case for a non-sovereign safe haven.

• Macro context. Markets are pricing in two additional Fed rate cuts in 2025

It is worth noting that both the S&P 500, the main stock market index, and gold hit new record highs today, which is rather unusual. Both risk-on and risk-off assets are rallying amid expectations of two additional rate cuts in 2025.