The debt ceiling negotiations in the United States are keeping traders on the edge. JPMorgan Chase CEO Jamie Dimon told Bloomberg on May 11 that a possible sovereign default by the U.S. government could create

Dogecoin price analysis

The bulls have successfully guarded the $0.07 support level in Dogecoin (DOGE) for the past few days, indicating solid demand at lower levels.

The relief rally is likely to face resistance near the moving averages. If the price turns down from the overhead resistance, it will suggest that demand dries up at higher levels. That will embolden the bears, who may then again attempt to sink the DOGE/USDT pair below $0.07. If they manage to do that, the pair could slide to $0.06.

If bulls want to prevent a fall below $0.07, they will have to push the price above the 50-day SMA ($0.08). The pair could then rally to the $0.10 to $0.11 resistance zone.

Solana price analysis

Solana’s (SOL) rebound off the strong support at $19.85 is nearing the downtrend line. This is likely to act as a strong hurdle for the bulls in the near term.

The moving averages are flattening out, and the RSI is near the midpoint, indicating that the selling pressure could be reducing. If buyers propel the price above the downtrend line, the SOL/USDT pair will attempt a rally to $24.

Contrarily, if the price once again turns down from the downtrend line, it will suggest that the bears are in no mood to relent. The pair could then remain stuck between the downtrend line and $19.85 for some more time.

Polygon price analysis

Polygon (MATIC) is attempting to start a recovery that is likely to reach the breakdown level of $0.94. The bears are expected to mount a strong defense at this level.

If the price turns down from $0.94, it will suggest that the bears have flipped this level into resistance. They will then try to strengthen their position further by pulling the MATIC/USDT pair below $0.81. If they succeed, it will open the doors for a potential decline to $0.69.

Contrary to this assumption, if buyers drive the price above $0.94, it will signal strong buying at lower levels. The pair may first rise to the 50-day SMA ($1.03) and thereafter attempt a rally to the resistance line.