It is a day by day evaluation by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
The important thing story Tuesday morning facilities round BTC/USD — representing bitcoin’s dollar-denominated value — and the Binance-listed dogecoin-bitcoin (DOGE/BTC) pair, each racing to safe bullish inverse head and shoulders breakouts on their hourly charts.
A confirmed breakout in bitcoin may set the stage for a re-test of the $120,000 stage, a situation mentioned on Monday. Likewise, a possible breakout in DOGE/BTC may sign notable outperformance for dogecoin forward.
However the important thing query stays: will these breakouts materialize? The technical image helps the bulls, with the 50-, 100-, and 200-hour easy shifting averages realigning bullishly, trending steadily north, and reinforcing upward momentum. Add to that the robust market sentiment fueled by rising expectations for Fed fee cuts subsequent week and past — a catalyst prone to provoke rotation of retail funds out of the cash market funds and into bitcoin and altcoins.
DOGE has a further bullish tailwind – the ETF hopes.
XRP: MACD flips bullish
XRP is quickly approaching the higher boundary of a close to two-month-long descending triangle sample, delineated by trendlines connecting the July 18 and Aug.14 highs alongside the Aug. 3 and Sept. 1 lows.
A decisive breakout above this formation would sign a resumption of the broader uptrend, paving the best way for a rally towards $3.38—the August excessive—and doubtlessly $3.65, the height reached in July.
The technical setup is promising. The constructive sentiment brewing within the bitcoin market, coupled with a constructive crossover in XRP’s day by day MACD histogram, enhances the probability of a profitable breakout from the descending triangle. The MACD’s constructive crossover signifies a renewed bullish shift in momentum.
The bears want a drop under $2.67 to re-establish the downtrend.
SOL: Probes 61.8% Fib retracement
Solana is trending north, marked by a sequence of upper lows and better highs that underscore a bullish trajectory. The outlook is additional strengthened by the upward sloping 50-, 100-, and 200-day easy shifting averages, portray an encouraging technical image. As of writing, SOL seems poised to surpass the 61.8% Fibonacci retracement stage of the January-to-April sell-off.
A transfer above this key “golden ratio” stage may entice momentum patrons, doubtlessly driving SOL towards testing the resistance zone between $260 and $280.
