The US macroeconomic data, which is closely monitored by the cryptocurrency market, has been released recently. The Federal Reserve has left interest rates unchanged, and Chairman Jerome Powell made notable statements. Following this, we are analyzing the charts of Bitcoin, Solana, XRP, and Dogecoin along with their key support and resistance levels.
Solana Chart Analysis
The inability of bulls to initiate a recovery in Solana at $126 indicates that bears are in control. There is minor support at $116, but if this level breaks, selling could accelerate and the SOL/USDT pair might drop to $100. The larger the drop, the longer it will take for the next leg of the uptrend to begin.
If bulls want to make a comeback, they need to quickly push the price above the 20-day EMA of $144. This could trap aggressive bears and cause a short squeeze. The pair could then rise towards the 50-day SMA of $166.
XRP Chart Analysis
XRP attempted to start a relief rally from the psychological level of $0.50 on April 29, but bulls failed to hold higher levels. Continued selling by bears pulled the price below $0.50, opening the doors for retesting solid support at $0.46. Bulls are expected to fiercely defend the area between $0.46 and $0.41, as breaking below this could initiate a downtrend.
Alternatively, if the price rises from $0.46 and breaks above the 50-day SMA of $0.57, it could indicate a loss of bear dominance. The XRP/USDT pair could then extend its stay in the range of $0.41 to $0.74 for a few more days.
Doge Chart Analysis
Dogecoin‘s decline gained momentum after the price fell below the symmetrical triangle formation. Bears pulled the price below the neckline of a downward head-and-shoulders pattern. If the price stays below $0.12, selling could intensify, and the DOGE/USDT pair might drop to $0.10 and eventually to $0.08.
Conversely, if the price quickly rises above the neckline, it would indicate strong buying at lower levels. Bulls gaining strength on a break above the 20-day EMA of $0.15 could signal a potential trend change above the downtrend line.
