XRP (XRP), Solana (SOL), and Dogecoin (DOGE) are at critical technical levels after volatile price action.
XRP has declined by around 25% after topping out locally at around $3.39. Similarly, Solana has dropped 40% over a month after establishing its record high and is now threatening further downside. DOGE seems better despite falling 45% from its local peak, primarily due to a convincing bullish reversal setup.
_XRP Eyeing on Breakout_
XRP/USD has been consolidating within an ascending triangle pattern, which is typically a bullish continuation setup. The price has formed higher lows while maintaining resistance around the $2.80-$2.85 range.The first breakout attempt failed, leading to a pullback, but the pattern remains intact.
Key Resistance: $2.85
Support Trendline: Rising from around $2.10
...Moving Averages:..
The 50-day EMA (red) at $2.58 is acting as immediate support.
The 200-day EMA (blue) at $1.72 remains a long-term floor.
A decisive daily close above $2.85 could confirm the breakout, pushing XRP toward a measured move target of $4.18, calculated from the triangle height added to the breakout level. On the downside, a break below $2.40 could invalidate the bullish outlook and open the door for a deeper correction.
:: _SOLANA Breakout _
Solana’s daily chart is flashing a textbook head and shoulders (H&S) pattern, a bearish reversal signal that suggests a deeper decline if confirmed. The neckline support around $180 is being tested, and a breakdown could trigger an extended selloff.
Left Shoulder: Peaked around $215
Head: Reached nearly $300
Right Shoulder: Formed at $220
Neckline Support: $180
Adding to the bearish case, SOL is now trading below the 50-day EMA ($208.88) and approaching the 200-day EMA ($190.15).If the neckline at $180 fails, the breakdown could see Solana fall toward $110-$115, based on the measured move (the pattern’s height subtracted from the neckline).
For bulls to regain control, SOL must reclaim the $200-$210 zone and invalidate the H&S formation.
3).. Doge Breakout...
Unlike Solana, Dogecoin is attempting a bullish reversal with an ascending triangle pattern forming after a downtrend. This pattern is often seen at market bottoms, signaling a potential shift in momentum.
Resistance Level: $0.29
Rising Support Line: Forming near $0.24-$0.25
Moving Averages:
The 50-day EMA ($0.305) is acting as overhead resistance.
The 200-day EMA ($0.261) is holding as immediate support.breakout above $0.29-$0.31 could confirm the reversal, opening the door for a rally toward $0.40-$0.42 in the coming weeks. On the other hand, if DOGE loses support at $0.24, it could retest lower support levels around $0.20.
Overall, Solana’s greater downside risk portrays DOGE and XRP as more bullish tokens in the short term. #MileiMemeCoinControversy #GeopoliticalImpactOnBTC
$BTC
{future}(BTCUSDT)
{spot}(BTCUSDT)
Hey Binance Square Fam! 👋 Bitcoin is flashing some warning signs! A potential double top pattern has formed on the 4-hour chart, suggesting a possible downtrend in the near future. 🧐
🔍 Decoding the Chart:
As you can see, Bitcoin's price has hit a high of $108,480 twice, failing to break through. This is a classic sign of a double top formation, which often signals a trend reversal from bullish to bearish. 🐻
Key Levels to Watch: 👀
* Neckline: The critical support level to watch is around $91,000 - $92,000. This is the "neck" of the double top formation.
* Breakdown Confirmation: If the price breaks below the neckline and continues its decline, it could trigger a significant drop.
* Potential Target: A breakdown could lead to a price target around $85,000, or even lower according to the original post.
What does this mean for Bitcoin? 🤔
* Increased Downside Risk: The double top pattern increases the probability of a significant price drop.
* Potential for Sharp Decline: If the neckline is breached, the decline could be swift and substantial.
Important Considerations: ⚠️
* Not a Guarantee: Technical patterns are not always accurate. The price could still bounce back up.
* Market Context: Keep an eye on overall market sentiment and other indicators.
* Risk Management: Always manage your risk and never invest more than you can afford to lose.
Here's a possible scenario: 📉
* Double Top Formation: The double top is formed at $108,480.
* Neckline Test: The price tests the neckline around $91,000 - $92,000.
* Breakdown: The price breaks below the neckline, confirming the double top.
* Decline: The price drops towards the potential target of $85,000.
Stay Alert! 🚨
This potential double top formation warrants caution. Keep a close watch on the neckline and be prepared for a potential downturn.
What are your thoughts on this potential double top? Share your insights and predictions in the comments below! 👇 Let's discuss this developing situation together! 🤝
Don't forget to like 👍, share 🚀, and follow for more insightful crypto content! ✨ #BinanceSquare #Bitcoin #BTC #CryptoTrading #TechnicalAnalysis #DoubleTop #PricePrediction #CryptoNews #Bearish #Downtrend #StayAlert 🚨 #ManageYourRisk 🧠
Date Comparison | Amount Change | % Change |
---|---|---|
Today | $0.113601 | +2.29% |
30 Days | $-1.817791 | -26.37% |
60 Days | $0.660028 | +14.95% |
90 Days | $3.736713 | +279.27% |
How much is Bitget Token worth right now in other currencies?