How Does US Macroeconomic Data Affect Crypto?

How Does US Macroeconomic Data Affect Crypto?

US Macroeconomic Data Release

The closely watched US macroeconomic data has recently been released. The Federal Reserve maintained interest rates, and Chairman Jerome Powell provided significant remarks.

Cryptocurrency Chart Analysis

Bitcoin (BTC)

BTC remains in a sideways range, facing resistance at $40,000. A breakout above this level could lead to a rally towards $45,000. However, a drop below $37,000 could signal a further decline.

Solana (SOL)

SOL's inability to recover above $126 indicates bear control. Support at $116 remains crucial, with a break below potentially triggering a sell-off towards $100.

Bulls must push the price above the 20-day EMA ($144) to regain momentum and potentially squeeze short sellers.

XRP (XRP)

XRP's attempt to rally from $0.50 failed, with bears pulling the price back below this level. Support at $0.46 is crucial, as a break below could initiate a downtrend.

Alternatively, a break above the 50-day SMA ($0.57) could indicate a shift in sentiment and a potential range extension between $0.41 and $0.74.

Dogecoin (DOGE)

DOGE's decline has accelerated below $0.12. A drop to $0.10 and potentially $0.08 is possible if the price remains below this level.

Conversely, a quick recovery above $0.12 would signal strong buying and a potential trend change above the downtrend line.