Dogecoin declined heavily below the $0.280 support against the US Dollar. DOGE is now recovering and might face hurdles near $0.270.

• DOGE price started a fresh decline below the $0.2850 and $0.2650 support levels.
• The price is trading below the $0.280 level and the 100-hourly simple moving average.
• There is a major bearish trend line forming with resistance at $0.270 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start another increase if it clears the $0.250 and $0.270 resistance levels.

Dogecoin Price Dives 30%

Dogecoin price started a fresh decline from the $0.3250 resistance zone, like Bitcoin and Ethereum. DOGE dipped below the $0.300 and $0.2750 support levels. It even spiked below $0.220.

The price declined over 25% and tested the $0.20 zone. A low was formed at $0.20 and the price is now rising. There was a move above the 23.6% Fib retracement level of the downward move from the $0.3416 swing high to the $0.20 low.

Dogecoin price is now trading above the $0.280 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.250 level. The first major resistance for the bulls could be near the $0.260 level.

The next major resistance is near the $0.270 level or the 50% Fib retracement level of the downward move from the $0.3416 swing high to the $0.20 low. There is also a major bearish trend line forming with resistance at $0.270 on the hourly chart of the DOGE/USD pair.

A close above the $0.270 resistance might send the price toward the $0.2880 resistance. Any more gains might send the price toward the $0.30 level. The next major stop for the bulls might be $0.320.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.250 level, it could start another decline. Initial support on the downside is near the $0.2250 level. The next major support is near the $0.2150 level.

The main support sits at $0.20. If there is a downside break below the $0.20 support, the price could decline further. In the stated case, the price might decline toward the $0.1880 level or even $0.1650 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.2250 and $0.2150.

Major Resistance Levels – $0.2500 and $0.2700.

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Senator Cynthia Lummis has stated that the Strategic Bitcoin Reserve could serve as a financial safeguard and a means to address past generations’ fiscal mismanagement. 

Lummis believes such a reserve could help rectify the economic burdens placed on younger generations, particularly the national debt.

Senator Lummis’ Bitcoin Reserve Push

In a recent interview, Lummis explained that a Strategic Bitcoin Reserve could cut the current debt in half. In 2025, the US national debt is over $36 trillion.

Lummis suggested the US could leverage Bitcoin’s appreciation to support the US dollar as the world’s reserve currency. She considers it crucial for maintaining economic stability and favorable trade advantages.

“It ensures that the US dollar is the most accepted currency worldwide, and then with Bitcoin underpinning it and being also a global means of exchange and store of value, gives us that double support for the US dollar,” Lummis said.

In addition, she referenced Bitcoin’s historical annual growth rate of approximately 55%. However, she acknowledged that this rate will gradually decline. According to Lummis, it could decrease to 45%, 35%, 25%, and so on over the next two decades. 

Despite a declining growth curve, the Senator believes a $1 million Bitcoin reserve today could be worth roughly half of the US national debt in 20 years. She also noted that Robert F. Kennedy Jr. used a similar model. Therefore, Lummis projected that a larger reserve could potentially eliminate the entire debt.

“I look at a Strategic Bitcoin Reserve and its ability to grow and help me right the wrongs that my generation did by driving us into this terrible debt. It’s the only vehicle I see that can have that consequential effect,” she said.

On July 31, 2024, Senator Lummis introduced the BITCOIN Act, proposing the establishment of a 1 million Bitcoin reserve. Last month, she also became the first chair of the Senate Banking Subcommittee on Digital Assets.

Meanwhile, support for a Strategic Bitcoin Reserve is growing. At the state level, 15 states have publicly endorsed it, Satoshi Action Fund’s founder, Dennis Porter, shared on X (formerly Twitter).

At least 11 states have introduced bills to establish a Strategic Bitcoin Reserve. Furthermore, Arizona and Utah have approved their proposals through committees.

According to Porter, more than 3,300 letters have been sent to Members of Congress advocating for Bitcoin to be recognized as part of a strategic stockpile. This comes after President Donald Trump signed an executive order to establish a “national digital asset stockpile” without specifying Bitcoin.

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XRP price started a major decline below the $3.00 zone. The price is down over 25% and there was a spike below the $2.00 support zone.

• XRP price started a fresh decline below the $2.80 and $2.50 levels.
• The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $2.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start a fresh increase if it clears the $2.50 resistance zone.

XRP Price Eyes Recovery

XRP price started a fresh decline below the $3.00 zone, like Bitcoin and Ethereum. The price declined heavily below the $2.80 and $2.50 support levels. The bears even pushed it below $2.00.

There was a sharp drop of over 25% and the price tested the $1.75 zone. A low was formed at $1.75 and the price is now correcting some losses. There was a move above the $2.00 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $3.155 swing high to the $1.750 low.

The price is now trading below $2.750 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.30 level. The first major resistance is near the $2.40 level.

The next resistance is $2.450. There is also a connecting bearish trend line forming with resistance at $2.45 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $3.155 swing high to the $1.750 low.

A clear move above the $2.450 resistance might send the price toward the $2.50 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.720 in the near term. The next major hurdle for the bulls might be $3.00.

Another Decline?

If XRP fails to clear the $2.40 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.00 level.

If there is a downside break and a close below the $2.00 level, the price might continue to decline toward the $1.850 support. The next major support sits near the $1.750 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.10 and $2.00.

Major Resistance Levels – $2.40 and $2.50.

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