Price: $0.38439 0.5349%
Market Cap: 56.42B 1.8976%
Volume (24h): 24.63B 0.4%
Dominance: 1.8976%
Price: $0.38439 0.5349%
Market Cap: 56.42B 1.8976%
Volume (24h): 24.63B 0.4%
Dominance: 1.8976% 1.8976%
  • Price: $0.38439 0.5349%
  • Market Cap: 56.42B 1.8976%
  • Volume (24h): 24.63B 0.4%
  • Dominance: 1.8976% 1.8976%
  • Price: $0.38439 0.5349%
Home > Information news > Cryptocurrency Market Responds to US Economic Policies

Cryptocurrency Market Responds to US Economic Policies

Release: 2024/05/04 17:56 Reading: 718

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/6632b30ca727633ee6d359e2

Cryptocurrency Market Responds to US Economic Policies

Cryptocurrency Market Responds to US Economic Policies

In a recent development, the US Federal Reserve has decided to maintain its current interest rates. This announcement, accompanied by significant remarks from Chairman Jerome Powell, has prompted a close examination of the market reactions of major cryptocurrencies such as Bitcoin, Solana, XRP, and Dogecoin.

Analysis of Solana's Market Position

Solana's current market scenario suggests a bearish trend as it struggles to regain the $126 mark. If support weakens at $116, a breach below this level could intensify selling pressure, potentially driving prices down to $100. Conversely, a price increase above the 20-day EMA of $144 could trigger a short squeeze, indicating a potential bullish resurgence towards the 50-day SMA of $166.

XRP's Market Dynamics

XRP attempted to rally from the $0.50 mark but failed to sustain higher price levels. This could lead to a potential retest of support at $0.46. A decisive break below this level could initiate a downtrend, while a successful defense could stabilize prices within the $0.41 to $0.74 range, challenging bear dominance.

Dogecoin's Decline Continues

Dogecoin has experienced a significant decline, breaking below critical support levels in a symmetrical triangle and a downward head-and-shoulders pattern. This descent could push prices down to $0.08. Alternatively, a rebound above the neckline and the 20-day EMA of $0.15 could signal a bullish recovery.

Key Market Insights

  • Solana's recovery above $144 could trigger a bullish market response.
  • XRP needs to maintain above $0.46 to avoid entering a bearish trend.
  • Dogecoin's immediate future depends on reclaiming higher support levels.

These insights into cryptocurrency behavior following US macroeconomic updates provide a clearer understanding of potential future market movements. Investors and traders should closely monitor these levels to align their strategies with market dynamics.

The post first appeared on BH NEWS: Cryptocurrency Market Responds to US Economic Policies

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.