Dogecoin News- US CPI Report Impact: Bitcoin and Altcoin Price Predictions and Market Trends for September 2024
Dogecoin News– The latest Consumer Price Index (CPI) report for August showed a 0.2% increase, aligning with market estimates. Despite this, risky assets experienced initial declines. The S&P 500 Index (SPX) dropped over 1.5% but managed to recover and even turned positive. Bitcoin (BTC), which had fallen close to $55,500, also rebounded to over $57,500, reflecting solid buying interest at lower levels.
Dogecoin (DOGE) Analysis
Dogecoin is encountering selling pressure near the downtrend line of the falling wedge pattern. A decline below the 20-day EMA of $0.10 could lead to a drop to $0.09, with critical support at $0.08. A potential bullish reversal would be indicated by a move above the downtrend line, which could lead to a rally towards $0.14.
Interest Rate Cut Anticipation
The upcoming Federal Reserve meeting on September 18 is likely to be a significant catalyst for market movements. According to CME Group’s FedWatch Tool, there’s an 85% chance of a 25-basis point cut. Bitcoin’s recovery to above $58,000 on September 9 has bolstered positive sentiment. Data from Farside Investors shows that US-based exchange-traded funds saw positive inflows on September 9 and 10, further indicating a shift in investor confidence.
Bitcoin Price Analysis
Bitcoin is encountering resistance at the 20-day Exponential Moving Average (EMA) of $57,841. The long wick on the September 11 candlestick indicates strong buying near $55,724. If Bitcoin surpasses the 20-day EMA, it could signal the formation of a higher low, potentially leading to a break above the 50-day Simple Moving Average (SMA) at $60,259. In this scenario, Bitcoin could surge to $65,000. Conversely, if support at $55,724 is breached, Bitcoin may decline to $52,550 and further to critical support at $49,000.
Ether (ETH) Price Outlook
Ether has managed to push above the $2,300 breakdown level, but is currently facing selling pressure near the 20-day EMA at $2,451. A sustained decline below $2,300 could indicate bearish control, with potential targets at $2,111 and psychological support at $2,000. For a bullish reversal, Ether must clear and sustain above the 20-day EMA, which could lead to a rally to the 50-day SMA at $2,682 and the breakdown level of $2,850.
BNB Price Analysis
BNB is currently facing resistance at the 20-day EMA of $522. If BNB holds its ground and manages to break above the moving averages, it could pave the way for a rally to $600 and eventually $635. However, if BNB falls below the $495 to $460 support zone, it could initiate a downtrend towards $360.
Solana (SOL) Price Review
Solana’s relief rally is meeting resistance at the 20-day EMA of $136. A potential decline to pivotal support at $116 is anticipated, and a break below this level could signal a new downtrend towards $100 and $80. On the upside, overcoming the 50-day SMA at $148 could suggest reduced selling pressure and a possible rally to $164.
XRP Price Analysis
XRP rebounded to the $0.54 breakdown level on September 9 but failed to clear it. A continued decline below $0.52 could convert $0.54 into resistance, potentially leading to a drop to the $0.46 to $0.41 support zone. A bounce from this support could maintain XRP within the $0.41 to $0.64 range. Conversely, a rally above the 50-day SMA of $0.57 may drive XRP to $0.64 and potentially $0.74.
Toncoin (TON) Price Forecast
Toncoin recently closed above the 20-day EMA of $5.34 but is struggling to maintain higher levels. The pair may fluctuate between the 50-day SMA of $5.97 and $4.50. A completion of a head-and-shoulders pattern below $4.50 could initiate a new downtrend towards $3.50. To prevent this, Toncoin must stay above the 50-day SMA, with potential for a rise to $7.
Avalanche (AVAX) Analysis
Avalanche is struggling to surpass the resistance line of the descending channel. A decline below moving averages may lead to a drop to $19.50, an essential support level. Failure to hold this support could trigger a decline to $17.29 and the channel’s support line. Conversely, a rise from the 20-day EMA at $22.98 could lead to a breakout above the channel, with potential targets at $29 and $33.
Shiba Inu (SHIB) Price Action
Shiba Inu has faced resistance near the 20-day EMA of $0.000014. A drop below the $0.000013 support could resume the downtrend, with potential declines to $0.000011 and $0.000010. To reverse the trend, SHIB must clear the 50-day SMA at $0.000014, with possible upside targets at $0.000016.
Leave a comment