- Bitcoin dropped 2.82% to $101K from its previous all-time high of $108K, dragging down major altcoins XRP and Solana following the Federal Reserve meeting where Jerome Powell stated the central bank is prohibited from owning Bitcoin.
- XRP found support at $2.18 on the lower trendline of its symmetrical triangle pattern and bounced back to $2.37, with technical indicators suggesting potential bullish momentum and a target resistance around $2.60.
- Solana rebounded from its monthly support at $200 and is now consolidating in a falling wedge pattern at $209.74, with potential to rally toward $264 if it breaks out above $220.
- Both cryptocurrencies are showing resilience by holding key support levels, but market sentiment remains fragile amid broader economic concerns and Federal Reserve statements.
Date: Thu, Dec 19, 2024, 09:35 AM GMT
In the cryptocurrency market today, we are witnessing a sharp decline as Bitcoin (BTC) drops by 2.82%, bringing its current price to $101K from its previous all-time high of $108K.
Following this, the top altcoins, XRP (XRP) and Solana (SOL), have also experienced notable declines over the past 24 hours. However, both cryptocurrencies are showing resilience by rebounding from their daily lows.
This bearish momentum comes after the recent Federal Reserve (FED) meeting, which introduced market uncertainty. Despite a 0.25% rate cut, Jerome Powell, Chairman of the Federal Reserve, made it clear in his remarks that the central bank is currently prohibited from owning Bitcoin. This statement added to the negativity in the market.
XRP (XRP):
During this dip, XRP found support at the lower trendline of its symmetrical triangle pattern at $2.18. This bounce allowed the cryptocurrency to regain ground, breaking above the resistance zone and currently trading at $2.37.
The technical indicators, MACD and RSI, suggest potential bullish momentum:
- MACD: A potential crossover in the bullish direction is forming, indicating that buying pressure may increase.
- RSI: Currently at 55.10, showing room for further upside without being overbought.
If this momentum continues, XRP could test the upper resistance trendline of the triangle, which lies around $2.60. Breaking above this level could set the stage for further upward movement.
Solana (SOL):
Similarly, Solana (SOL) rebounded from its strong monthly support at $200. It is now consolidating within a falling wedge pattern, trading at $209.74 at the time of writing.
The technical indicators provide further insight into the potential trajectory of Solana:
- MACD: While still in bearish territory, a slowdown in selling pressure indicates a potential reversal.
- RSI: At 48.14, it suggests the asset is neither overbought nor oversold, leaving room for further upward movement.
If SOL breaks out of the falling wedge pattern, it could aim for its recent high of $264, presenting a significant opportunity for bullish traders.
What’s Ahead?
Both XRP and SOL are showing promising signs of recovery after retesting key support levels. However, market sentiment remains fragile amid broader economic concerns and the impact of the Federal Reserve’s statements.
Key levels to watch for XRP are $2.60 as resistance and $2.18 as support. For Solana, a breakout above $220 could pave the way for a rally toward $264, while $200 remains critical support.
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