Cryptocurrencies Plunge 1.2% After Trump Speech, Dogecoin Eyes 171% Rally

Cryptocurrencies experienced a downturn on March 21, following a pre-recorded speech by President Trump at the Digital Assets Summit, which failed to stimulate the market. Bitcoin's price declined by 1.2%, trading at $84,197. XRP and Solana also saw decreases, with XRP dropping by 1% and Solana by 4%. Dogecoin briefly rallied to $0.17 before reversing its gains.

The total market capitalization of cryptocurrencies dropped to $2.86 trillion, with data indicating a potential loss of support at the lower parallel channel. As market sentiment turned bearish, the focus shifted to whether XRP, SOL, and DOGE could lead a market recovery.

Dogecoin is poised to lead the cryptocurrency recovery, according to top analysts. Carl Moon identified a falling wedge pattern on DOGE’s one-day price chart, suggesting a potential 171% rally to $0.43 if the price moves above the upper trendline. Another analyst, Ali Charts, predicted a 16% price move if Dogecoin closes outside the $0.16-$0.18 range. This bullish outlook is supported by data showing that whales have been buying the dip, with large DOGE addresses purchasing 80M DOGE in the last three days.

XRP's price struggled to break resistance at $2.50, trading at $2.41. Despite bullish news such as the launch of the first XRP futures by Bitnomial, buyer interest remained low. The XRP four-hour price chart showed mixed signals, with the RSI at 51 and tipping south, indicating a lack of strong buying pressure. However, a bull flag pattern suggested a potential 16% rise to $2.87. Buyers are likely to remain cautious until the SEC issues a statement confirming the appeal dismissal.

Solana's price dropped to $128 after a 4.5% decline in 24 hours. Despite this, SOL held a critical support zone between $120 and $130. Analyst Coinvo suggested that as long as this support holds, Solana could rally to new highs. The recent launch of a DEX by PumpFun could act as a catalyst, potentially driving high trading volumes and a bullish Solana price forecast.

In summary, cryptocurrencies experienced a price drop on March 21, with Dogecoin showing a bullish outlook while XRP and Solana relied on a return of buying pressure to resume their uptrend. The market sentiment turned bearish, and the total market capitalization of cryptocurrencies decreased to $2.86 trillion. Analysts predicted that Dogecoin could lead the market recovery, with potential rallies supported by whale activity. XRP's price struggled due to a lack of buyer interest, and Solana held critical support despite a price dip, with potential catalysts for a bullish outlook.