The crypto market noticed an enormous wave of promoting over the previous two days. Bitcoin fell by practically 10% from $43.3k to $39.8k, and Solana and Tezos additionally posted comparable losses. Solana has been in a near-term downtrend for the reason that bearish retest of $136. EOS and Tezos additionally had a bearish outlook on the shorter timeframes. But, the day after a pointy drop typically presents shopping for alternatives.
SOL has been in a downtrend over the previous week and was buying and selling on the $100 space on the time of writing. The $98-$100 space has acted as help prior to now, and SOL might see a bounce from this space.
The RSI was at 31.15 and confirmed robust bearish momentum. The OBV has additionally been in a downtrend prior to now ten days, to point out that promoting stress has been a lot stronger than the consumers. A bounce towards $108 might happen. The $105-$108 space might see promoting stress intensify as soon as extra.
EOS has additionally displayed robust bearish momentum in current days coupled with heavy promoting quantity out there. The Superior Oscillator was beneath the zero line, whereas the A/R line was shifting sideways prior to now couple of days. This might trace at a bounce towards $2.3.
The Fibonacci extension ranges (yellow) plotted based mostly on EOS’ transfer down from $2.34 to $3.06 confirmed the 27.2% and 61.8% extension ranges to lie at $2.15 and $1.9.
One other session shut beneath $2.15 would probably see EOS descend towards $1.9.
The RSI and the worth motion on the hourly chart confirmed a bearish divergence. The CVD additionally climbed into optimistic territory to indicate the shopping for stress to be simply barely stronger than the promoting stress.
The $3.1-$3.17 space (crimson field) might pose resistance to an XTZ bounce. To the south, the $2.84-$2.9 space might provide help. Therefore these areas will be promoting and shopping for alternatives within the subsequent few days.