Recent data revealed a decline in GBTC outflow of $82.4 million on April 26th. This indicates a general weakening in market entries. Investors seem to be reducing risks in both the cryptocurrency and ETF markets ahead of the upcoming Fed meeting. Decreased volumes further suggest a decrease in risk appetite among traders. What can we expect for SOL, XRP, and DOGE in the near future?
Current Situation in the Crypto Market
Research conducted by James Butterfill from CoinShares with 64 institutional investors showed that 15% had invested in Solana (SOL), a significant increase from January. Despite the limited number of respondents, SOL Coin has shown impressive performance with its triple-digit price. According to Mark Yusko, CEO of Morgan Creek Capital, a surge of new investors in the market could potentially drive the total market value of cryptocurrencies to $6 trillion during this bull run, but this projection might be overly optimistic.
Solana (SOL)
SOL Coin recently dipped from the $162 resistance level amidst the overall market downturn, currently stabilizing around $139. The 20-day EMA is gradually declining. Sustained closures below crucial price levels could signal further corrections, possibly leading to new lows between $126 and $107.
Ripple (XRP)
XRP is currently below the 20-day EMA at $0.54, experiencing the same weakness observed in other altcoins. Downward targets are identified at $0.46 and $0.4. If Bitcoin sees an unexpected rebound, the XRP Coin price could climb towards the 50-day SMA at $0.59 and $0.69 with closures above $0.54.
Dogecoin (DOGE)
Indicated by a symmetrical triangle, DOGE's uncertain outlook aligns with the overall weakness in altcoins, potentially leading to a drop to $0.12. Further breakdown beneath the triangle may explore support levels below $0.10. Conversely, an upward reversal could see targets of $0.18 and $0.23 if the price breaches the triangle pattern. The forecast for Dogecoin remains consistent with general market expectations.
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