Bitcoin recently experienced a sharp retraction after achieving an all-time high above $109,500, influenced by heightened volatility surrounding the newly launched Trump family-related memecoins. This downturn in Bitcoin has reverberated across the cryptocurrency market, negatively impacting most altcoins.
The S&P 500 Index saw a strong recovery, breaking above its moving averages, suggesting a potential reversal from the recent bear trap below 5,853. The 20-day exponential moving average (EMA) has stabilized, with resistance anticipated between 6,050 and 6,100. A breakout above 6,100 or below 5,773 will determine the next trend.
In foreign exchange, the US Dollar Index continues to find support at the 20-day EMA. However, a negative divergence in the relative strength index (RSI) hints at waning bullish momentum. A breakthrough above 110.17 could trigger a rally, but a dip below the EMA may lead to further declines.
Bitcoin bounced off its 20-day EMA to reach a new peak, but sustaining above $108,353 is crucial for the upward trend to continue. Failure to do so could lead to a consolidation phase.
The TRUMP memecoin, observed for its volatility, has fallen below a technical pattern, indicating buyer weakness. Maintaining below the pattern risks further declines, while a rebound could revitalize momentum.
For Ethereum, the battle around the 50-day simple moving average (SMA) continues, with a drop below $3,125 potentially increasing selling pressure.
XRP’s price attempts to establish $2.91 as support, with a move above $3.40 needed to confirm further upward movement.
BNB has been fluctuating, facing resistance at $745. A rise above this level might lead to gains, while a drop below the trend line could result in losses.
Solana has shown significant volatility, with an upward trend supported above $260 potentially leading to new highs.
Dogecoin remains in an ascending channel, with a potential breakout above this channel setting sights on $0.48, while a decline risks reaching support levels.
Cardano’s indecisive trading within a symmetrical triangle pattern makes its breakout direction uncertain. A move above could prompt gains, while a downward breakout suggests declines.
Chainlink has reclaimed ground, with potential momentum above $26, while a fall below the 20-day EMA risks losses.
Investors and traders are advised to proceed with caution, as cryptocurrencies remain highly volatile and speculative.