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Cryptocurrency News Articles
Crypto Market Slides: Bitcoin, Altcoins Face Bearish Woes
Apr 18, 2024 at 04:00 pm
The cryptocurrency market faces further correction with notable altcoins near support levels, including Bitcoin hovering near $61K. Solana has witnessed a significant drop of over 30% from its yearly high, impacting the valuations of top altcoins within its ecosystem. The SOL price stands at a crucial juncture, poised to test its support level at $121.35 amid bearish market conditions indicated by technical indicators such as the Cross EMA 50/200-day and MACD.
Cryptocurrency Market Faces Significant Correction, Bitcoin and Altcoins Bearish
The cryptocurrency industry is experiencing a substantial correction, with leading altcoins consistently fluctuating near their critical support levels. Bitcoin, the market leader, remains precariously close to its $61,000 mark, indicating a potential negative trend for the crypto market in the near future.
Notably, Solana, a prominent altcoin, has witnessed a significant decline of over 30% in valuation since reaching its latest yearly high. This downturn has had a ripple effect on other top altcoins within the Solana ecosystem, which have observed a similar trajectory.
Solana Price Nearing Crucial Support Test
Solana's price has remained relatively neutral within a constrained range between $83.75 and $121.35 for approximately two months. However, as market volatility intensified, bulls managed to surge by 113.86%, propelling the price from $98.40 to $210.44 within a span of 23 days.
Subsequently, bullish momentum waned, leading to a consolidation phase between $175.75 and $200 over three weeks, signifying weak buying and selling pressure. Since then, SOL has traded under bearish influence, shedding 38.16% of its valuation.
Solana Market Analysis
A cross-examination of the 50/200-day Exponential Moving Averages (EMA) reveals a bearish trajectory, suggesting a negative price movement for SOL in the coming week.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator consistently displays a red histogram, underlining a strong bearish sentiment within the market. Additionally, the averages indicate a notable decline, implying that the price could continue its downward trajectory in the immediate term.
Solana Price Outlook
Should the market sustain the price above $121.35, bulls could regain momentum and gear up to challenge the resistance level at $151.25. Moreover, continued bullish dominance could lead to a further ascent towards the higher resistance level of $175.75.
Conversely, if the bulls lose their grip, the price may descend to test its support level at $121.35. A prolonged bearish trend could see SOL plunge even lower, potentially reaching its next support level of $100 during this month.
The cryptocurrency market remains in a state of flux, with Bitcoin and altcoins facing significant headwinds. Solana, a prominent altcoin within the ecosystem, is currently experiencing a correction and is nearing its crucial support level.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- as you can see lrc coin created a huge bullish pattern it's called ascending triangle. now lrc holding huge volume profile support zone and ascending triangle support line. It's a huge buying opportunity for spot. after breakout this bullish pattern it will touch technically .29 as you can see in longer timeframe lrc coin created a huge bull flag now that bull flag broken. so that we can buy some coin in our spot wallet. in longer timeframe btc dominance is bearish because btc dominance also breaks it's bull flag support line. that's why lrc coin is bullish usdt dominance in longer timeframe bearish because after a huge dump usdt.d created head and shoulder pattern so that I am bearish on usdt.d. when usdt.d will dump crypto market will pump hard negative correlation.
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