This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
The key story Tuesday morning centers around BTC/USD — representing bitcoin’s dollar-denominated price — and the Binance-listed dogecoin-bitcoin (DOGE/BTC) pair, both racing to secure bullish inverse head and shoulders breakouts on their hourly charts.
A confirmed breakout in bitcoin could set the stage for a re-test of the $120,000 level, a scenario discussed on Monday. Likewise, a potential breakout in DOGE/BTC could signal notable outperformance for dogecoin ahead.
But the key question remains: will these breakouts materialize? The technical picture supports the bulls, with the 50-, 100-, and 200-hour simple moving averages realigning bullishly, trending steadily north, and reinforcing upward momentum. Add to that the strong market sentiment fueled by growing expectations for Fed rate cuts next week and beyond — a catalyst likely to galvanize rotation of retail funds out of the money market funds and into bitcoin and altcoins.
DOGE has an additional bullish tailwind – the ETF hopes.
XRP: MACD flips bullish
XRP is rapidly approaching the upper boundary of a near two-month-long descending triangle pattern, 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 signal a resumption of the broader uptrend, paving the way for a rally toward $3.38—the August high—and potentially $3.65, the peak reached in July.
The technical setup is promising. The positive sentiment brewing in the bitcoin market, coupled with a positive crossover in XRP’s daily MACD histogram, enhances the likelihood of a successful breakout from the descending triangle. The MACD’s positive crossover indicates a renewed bullish shift in momentum.
The bears need a drop below $2.67 to re-establish the downtrend.
SOL: Probes 61.8% Fib retracement
Solana SOL$218,61 is trending north, marked by a series of higher lows and higher highs that underscore a bullish trajectory. The outlook is further strengthened by the upward sloping 50-, 100-, and 200-day simple moving averages, painting an encouraging technical picture. As of writing, SOL appears poised to surpass the 61.8% Fibonacci retracement level of the January-to-April sell-off.
A move above this key “golden ratio” level could attract momentum buyers, potentially driving SOL toward testing the resistance zone between $260 and $280.
