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The price action of XRP is currently consolidating within an increasingly narrow triangle and has entered a critical phase. The token, which is currently trading at $2.25, indicates that it will test its 50 EMA in the coming days; this level can determine the short-term trajectory of the token. The first line of defense for the bulls is the 50 EMA, which is currently trading at around $2.15.
The strength of the market and the willingness of buyers to intervene will be tested if XRP falls to this level. A rebound from the 50 EMA could lead to a return towards $2.50, a crucial resistance level that XRP has struggled to break. Beyond that, $2.80, which is the upper boundary of the triangle, becomes the next crucial level to watch.
The downside is that if XRP breaks below the 50 EMA, it could move towards the psychological $2.00 level, which is consistent with a long-term trendline. A deeper retracement could target $1.80, or even the 100 EMA near $1.63, if this support is broken. Although neither buyers nor sellers appear to be in control, the RSI is currently centered around the neutral 50 mark.
Market indecision, however, is reflected in the low volume. A breakout – or collapse – is likely due to the narrowing triangle structure, but this lack of momentum could delay major price movements. Within three days, if XRP continues to move in the same direction, it could reach the 50 EMA.
It will determine the tone of his next major move if he recovers or breaks this level. Traders should keep a close eye on support at $2.15 and resistance at $2.50, as these levels will likely determine the immediate direction of XRP. As the market prepares for its next big move, patience and caution are essential.
Dogecoin needs this level
Dogecoin, which is currently trading at $0.3225, down 5.57% over the past day, is under pressure. With indicators pointing to the possibility of further decline, the price is quickly approaching a crucial support level at $0.30. Given that the 100 EMA at $0.2994 is currently the next important support, the technical chart highlights DOGE’s difficulty in maintaining momentum.
DOGEThe USD’s ability to maintain this support is questionable given the current bearish sentiment and low trading volume, but historically this level has served as a buffer against sharp sell-offs. In case DOGE fails to recover from the 100 EMA, the price may continue to decline towards the 200 EMA, which is near $30.
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Before DOGE enters a prolonged downtrend, this level is considered the last line of defense. A break of the 200 EMA would likely indicate a change in market sentiment and increase selling pressure. Recovering $0.35 is necessary to DOGE to stabilize and launch a recovery effort.
If the price breaks above this resistance, it could return to the recent highs of $0.37. The chances of a long-term recovery, however, appear low given the current bearish market structure, unless there is a notable resurgence in buyer interest.
Solana fades
Last day, Solana saw a substantial decline, falling 5.43%, to trade at $186. The token’s price fell below its 100 EMA at $196, a crucial support level that has historically kept it stable during market downturns. A change in momentum is indicated by this breakout, and if bearish pressure continues to increase, things could get worse.
The growing trading volume raises more concerns as it suggests sales are accelerating. Higher volume during a decline generally indicates that traders are selling their positions, which indicates increasing bearish sentiment. If this trend continues, SOL could face additional downward pressure. Technically speaking, the 200 EMA at $178 is the next important level to watch.
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It is SolanaThe last bastion of the EU before the start of a more serious downward trend. SOL may be able to retest the $150 level, crucial psychological support that could attract buyers if it breaks below the 200 EMA. But given the state of the market and the increase in volume, it seems possible that this level will be tested soon. SOL should quickly recover the $196 mark in order to regain some stability.
At $203 and $216, you need to keep an eye on critical resistance levels. Although a sustained move above these levels could indicate an eventual recovery, the current momentum is strongly in favor of the bears. Solana’s outlook is still dire at the moment unless buyers step in to protect important support levels.
A key area in determining the near-term trajectory of the token will be volume and price action around the 200 EMA, so traders should pay close attention to this. Solana could see a much larger correction if selling pressure continues to increase.