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Solana Retraced Below $38, Is There A Chance For Comeback?

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Solana

Solana was on a downtrend as the bulls have lost steam after SOL fell below the support line of $38. Over the last 24 hours the coin depreciated 4% and in the last week, the coin fell by 8%. Price of Solana was pushed to $33, however, at press time the coin was trading slightly above the support line.

Bitcoin too struggled below the $20,000 mark and the altcoins walked the same price path. Broader market weakness continues to contribute towards the altcoins bearish pressure. One the daily chart, Solana had formed an ascending triangle but it managed to break below the same.

If the coin continues on the same path then it could move below the $30 price mark. The current vital support level for the altcoin stood at $33. Buying pressure declined on the daily chart as SOL met with a sell off. The global cryptocurrency market cap today is $924 Billion with a 3.1% negative change in the last 24 hours.

Solana Price Analysis: One Day Chart

Solana was priced at $33.40 on the one day chart | Source: SOLUSD on TradingView

SOL was trading at $33.40 at the time of writing. It moved precariously close to the critical price floor of $33. A fall in price below the $33 price mark will first drag SOL to $30 and then to $27.

Due to increased bearish strength, SOL broke below the ascending triangle (yellow).

Continued downward movement can cause another 18% fall on SOL’s chart. If Solana manages to move above the $34 price level and topple the $38 price mark, the bearish thesis stood a chance to be invalidated.

The immediate resistance was at $34 and then at $38. Trading volume of Solana dropped slightly but the bar was green which indicated that buyers still attempted to stand their ground on the chart.

Technical Analysis

Solana
Solana displayed fall in buying pressure on the one day chart | Source: SOLUSD on TradingView

SOL’s buying strength has remained delicate with the coin witnessing regular sell-offs in the market. For the most of May, June and July, Solana has witnessed high selling pressure.

In accordance with the same, the Relative Strength Index was below the half-line which meant that sellers dominated the market.

Price of SOL was seen below the 20-SMA, a reading that indicated sellers were responsible in driving the price momentum in the market.

Suggested Reading | Solana Glints With 14% 3-Day Rally – Will SOL Keep On Beaming?

Solana
Solana demonstrated buy signal on the one day chart | Source: SOLUSD on TradingView

SOL’s chart displayed mixed technical signs. The Moving Average Convergence Divergence depicts the price momentum and possible trend reversals. MACD underwent a bullish crossover and pictured green signal bars.

The green signal bars are connected to buy signal on the chart. This could be a positive sign for the coin as there might be an upcoming change in the price direction over the next trading sessions.

Parabolic SAR determines the price direction, the dotted lines below the price candlesticks were indication of an anticipated change in the current price action.

For the coin to move upwards, strength from the broader market remains vital.

Related Reading | Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren’t Selling Yet

Featured image from BusinessToday.in, charts from TradingView.com
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TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

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Bitcoin

Bitcoin extended losses below the $23,650 support zone against the US Dollar. BTC must stay above $23,200 to avoid more losses in the near term.

  • Bitcoin remained in a bearish zone and traded below the $23,650 support.
  • The price is now trading below the $23,650 level and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses if there is a clear move below the $23,200 support in the near term.

Bitcoin Price Drops Further

Bitcoin price failed to stay in a positive zone above the $24,000 level. BTC started another decline and traded below the $23,650 support zone.

There was a clear move below the $23,500 level and the 100 hourly simple moving average. Finally, the price found support near the $23,200 zone. A low was formed near $23,193 and the price is now consolidating losses.

Bitcoin price is now trading below the $23,650 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $23,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low.

The first major resistance on the upside sits near the $23,800 level. It is near the 50% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low.

The main resistance is forming near the $24,000 zone and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair. A close above the $23,800 and $24,000 resistance levels might start another increase.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps climb towards the $24,500 resistance. Any more gains might send the price towards the $25,000 level.

More Losses in BTC?

If bitcoin fails to clear the $24,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,320 level.

The next major support now sits near the $23,200 level. A downside break and close below the $23,200 level might spark another decline. In the stated case, the price might decline towards the $22,750 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $23,320, followed by $23,200.

Major Resistance Levels – $23,500, $23,800 and $24,000.

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AscendEX Lists Betswap.gg (BSGG), a DeFi Betting Exchange

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Ascendex Lists Betswap.gg (Bsgg), A Defi Betting Exchange