How Does US Macroeconomic Data Affect Crypto?
Release: 2024/05/02 05:24 Reading: 583
How US Macroeconomic Data Affects Crypto
The closely monitored US macroeconomic data has been released recently. The Federal Reserve maintained interest rates, and Chairman Jerome Powell provided significant remarks. Consequently, we analyze the charts of Bitcoin, Solana, XRP, and Dogecoin, highlighting their key support and resistance levels.
Solana Chart Analysis
Bulls' inability to initiate a recovery at $126 indicates bearish dominance. Minor support exists at $116, but if breached, selling could escalate, potentially pushing the SOL/USDT pair to $100. A more substantial decline would prolong the initiation of the next uptrend.
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Conversely, bulls aiming for a resurgence must swiftly elevate prices above the 20-day EMA of $144. This could entrap aggressive bears, triggering a short squeeze and potentially driving the pair towards the 50-day SMA of $166.
XRP Chart Analysis
XRP attempted a rally from $0.50 on April 29th, but bulls faltered. Continued selling dragged prices below $0.50, paving the way for a retest of robust support at $0.46. Bulls are expected to defend this area between $0.46 and $0.41, as a break below could trigger a downtrend.
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Alternatively, a price rise above $0.46 and the 50-day SMA of $0.57 could signal a decline in bearish dominance. The XRP/USDT pair could then continue within the range of $0.41 to $0.74 for an extended period.
Doge Chart Analysis
Dogecoin's decline intensified after falling below the symmetrical triangle pattern. Bears have dragged prices beneath the neckline of a downward head-and-shoulders formation. If prices remain below $0.12, selling could intensify, potentially leading to a drop to $0.10 or even $0.08.
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Conversely, a swift rise above the neckline would indicate strong buying at lower levels. Bulls gaining momentum by breaking above the 20-day EMA of $0.15 could signal a potential trend reversal above the downtrend line.
The original article was first published on COINTURK NEWS: How Does US Macroeconomic Data Affect Crypto?
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