- Will Solana drop my 10%?
- X (formerly Twitter) got payment transfer license which can help in Doge price recovery.
- SHIB and PEPE are in danger zone.
SOLANA (SOL):
- Solana (SOL) is currently trading at $19.63, hovering around its starting price for the day. A recent announcement by VISA regarding SOL’s payment integration led to a notable price increase of over 4%. However, the subsequent day saw a drop in SOL’s price, erasing those gains.
- Currently, SOL is following a descending wedge pattern, with the upper line acting as resistance and the lower line as support. Furthermore, SOL recently broke below a critical support level at $19.8, resulting in a daily closing below this line.
- The 30, 50, 100, and 200-day Exponential Moving Averages (EMA) are now acting as formidable resistance levels for SOL, with a death cross formation hinting at a potential downtrend. The Moving Average Convergence and Divergence (MACD) indicator is also in bearish territory, and the Relative Strength Index (RSI) is below 50. These indicators currently lack momentum, and market sentiment and volume trends will be crucial in determining SOL’s future.
- Notably, the 0.618 Fibonacci level, based on SOL’s previous price surge from $8 to $33, is situated at $17.33. This level coincides with strong horizontal support, suggesting the possibility of SOL dropping to this point before potentially breaking out of the descending wedge and finding support in both the horizontal line and the current trendline.
READ MORE: Ethereum’s Bearish Trend and Structural Break Pointing to $1120 – Market Outlook
DOGECOIN (DOGE):
- Dogecoin (DOGE) is currently testing a crucial support range, representing its most significant levels since its all-time high during the previous bull run. This range includes three key horizontal support levels: $0.0669, $0.056, and $0.05.
- DOGE has recently breached its initial support level and retested it as resistance, leading to a downward trend. The next support level for DOGE stands at $0.056. Additionally, DOGE is encountering resistance from the 30, 50, 100, and 200-day EMAs.
- The MACD indicator has turned bullish, but the RSI is at 40. Both the historical price dump and current market sentiment are contributing to the declining value of DOGE coins.
- Furthermore, there is speculation that the recent acquisition of a money transfer license by X (formerly Twitter) could have a significant impact on DOGE’s role in payment procedures. If this materializes, we may anticipate a substantial increase in the price of DOGE coins.
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SHIBA INU (SHIB):
- SHIBA INU (SHIB) has garnered attention due to the shibarium relaunch and its notable success, which could potentially boost its price. Currently, SHIB is trading at $0.00000763, reflecting a 0.78% decline in the last 24 hours.
- SHIB recently broke below its crucial support level of $0.00000786, which historically served as a pivotal point. Each time SHIB breached this level, it led to a sell-off. The subsequent support levels for SHIB are $0.0000065 and $0.00000560.
- SHIB is currently trading below all significant EMAs at the daily level, with the MACD in bearish territory and the RSI at 38. These indicators do not currently suggest any momentum in SHIB.
ALSO READ: Technical Outlook of Polkadot(DOT), HBAR, ARB (Arbitrum) and NEAR
PEPE:
- PEPE has gained popularity in the meme coin community and among meme coin investors, with traders achieving substantial returns by investing in PEPE at the right time. At present, PEPE is trading at $0.0000793, showing a slight 0.28% decline in the last 24 hours.
- Currently, PEPE is trading within a parallel channel exhibiting a bearish pattern of lower lows and lower highs. It previously traded within a descending wedge but recently broke out of it.
- PEPE has breached its crucial support level at $0.000000826 and is presently in an accumulation phase below this support. Negative news regarding multisig wallet hacks and large-scale selling of PEPE by whales have contributed to a decrease in PEPE’s value.
- The MACD has turned bullish, and the RSI is nearing oversold levels. If PEPE reclaims support above $0.000000826, we may witness a price surge in PEPE.
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Conclusion:
The cryptocurrency market is exhibiting a range of trends and challenges for several prominent assets. Solana (SOL) recently experienced a price surge following positive news from VISA but encountered resistance and a subsequent drop. Key technical indicators and patterns suggest potential downward pressure for SOL.
Dogecoin (DOGE) is testing critical support levels, with indicators indicating a mixed outlook. The involvement of DOGE in potential payment procedures with X adds an intriguing dynamic to its future price movement.
Shiba Inu (SHIB) is experiencing volatility, with its success tied to the shibarium relaunch. Breaking key support levels has raised concerns, and technical indicators currently do not favor a bullish sentiment.
PEPE, a meme coin, has seen rapid price changes and is currently facing challenges due to negative news and support breaches. A potential recovery may be in sight if it regains crucial support levels.
Overall, these cryptocurrencies are subject to varying degrees of market sentiment and technical pressures, emphasizing the importance of staying informed and monitoring key developments in this dynamic and unpredictable market.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
