Dogecoin, Ethereum Jump Even As Bitcoin Slides Below $28K: Analyst Sees Chance To Buy Meme Coin If Price Drops To $0.08 Levels

Major coins traded mixed on Monday evening, following a productive first quarter in which investors became increasingly confident in the direction of inflation and other macroeconomic developments.

What Happened: The cryptocurrency market was shaken by volatility, but Bitcoin BTC/USD gained up nearly 70% for the year.

Dogecoin DOGE/USD witnessed a surge of 24.62%, thanks to its long-time supporter, Twitter Chief Elon Musk, after the social media platform replaced its iconic blue bird logo with the Dogecoin symbol. 

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At the time of writing, the global crypto market capitalization stood at $1.17 trillion, a decrease of 0.21% over the last day.  

U.S. stocks were mixed as Wall Street showed its resilience in the face of an OPEC+ oil output cut that has stirred up inflation and recession fears. The S&P 500 edged higher by 0.37%, while the Nasdaq Composite retreated by 0.27%. 

News Highlights: On Monday, an encrypted message posted by a well-known user on Crypto Twitter stirred up the crypto community. Once deciphered, it read, "Interpol Red Notice for CZ" referring to the CEO of Binance, the world's largest cryptocurrency exchange. Although there has been no official confirmation or denial of the statement, it quickly spread around the internet, triggering a flurry of memes and speculation about whether the notice is real. 

Analyst Notes: Analyst Justin Bennett reported that Bitcoin has been stuck in sideways price action for the past two and a half weeks. Bulls attempted to break through the $28,900 macro resistance but were unsuccessful. Nevertheless, BTC is still above the $26,500 range lows and the top of the September 2022 channel top at $27,100.

“It will take a daily close below both levels to open up the former range highs at $25,200. Alternatively, a sustained break above $28,900 would open up the May and June 2022 range highs at $31,700,” said Bennett.

Pseudonymous analyst Kaleo took profits on DOGE at the higher time frame resistance, with a still-sizable bag to his name — just in case of a potential breakthrough. He is now rotating back into BTC and is open to re-entering the Dogecoin position if there is a significant pullback to the $0.08s. But in order to conquer any further rally, Kaleo suggests reclaiming .103 as a must in order to minimize the risk of a prolonged retrace.

Took some profit on $DOGE here at HTF resistance. Still have a decent sized bag in case we see a clean break.

Rotating back into BTC / will add back to the Dogecoin position if we see a decent pullback pic.twitter.com/r3GDE9DlJn

— K A L E O (@CryptoKaleo) April 3, 2023

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