Ripple, Solana & Dogecoin – American Wrap 01 July


XRP price did engineer a 45% gain from the June 22 low to the June 29 high, but it does not meet the criteria of an impulsive recovery as volume was unimpressive. Today’s breakdown from a bearish flag pattern reflects the corrective temperament of the rebound. It has raised the odds that Ripple will break below $0.650 and target the 78.6% Fibonacci retracement level of $0.555 and potentially the June 22 low of $0.512.  

Solana price upside looks tempting, but SOL weekly chart screams bull trap

Solana price had a solid recovery after the sell-off in major cryptocurrencies.  Although SOL broke a crucial bearish trend line, the upside looks very limited.  A drop lower could show $22.66 as the downside target at the 78.6% Fibonacci level. Solana price has had a good recovery toward $36, but support is getting weaker as forces from above are putting a significant cap on any further upside potential.

Dogecoin has had a rough ride, but DOGE looks ready to jump to $0.35

Dogecoin had a solid recovery after the sell-off in major cryptocurrencies.  Although Dogecoin previously broke a crucial bearish trendline, significant Fibonacci resistance is being tested at $0.28. The 55 simple moving average at $0.35 is the next level of resistance. Dogecoin’s love affair with Elon Musk has cooled down in the past weeks, and that has been priced in. Now, DOGE looks ready for an upside move towards $0.35.

 



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