By Shelly Melancon (Switzerland)
A bearish movement has been seen to follow yesterday’s rise, as seen in all the top 10 coins except dogecoin which instead had an uptrend by 19%.
BTC/USD
As at yesterday morning, BTC buyers attempted to push the Bitcoin price above the existing resistance, but the buying volume was not sufficient to pull this through.
But by afternoon, sellers even took the downtrend even further, making BTC price lower further below $47,745. By the time it was evening, BTC price had tested a new support of $46,000.
As of morning today, the price is attempting a bullish movement but it’s volume is too low to take above the new resistance. A further dip is possible in near future to a price of about $42,447. It currently has a trading price at $47,234.
BNB/USD
The BNB price has dropped by 2.34% in the past 24 hours. This is due to the higher selling volume than the buying volume. This bearish movement has forced BNB to form a new level at $489 and if native exchange rate stays at a price below $500, this may further force BNB down to a price of $450 or even less.
With its trading price currently at $521.30, BNB will require a notable increase in its bullish force if it will break through its resistance into a new bullish trend.
Also read:ADA/USD
ADA (Cardano) has been on a bearish movement, falling with a loss of 1.2%. This is a slower dip than the BNB, but ADA is yet not able to rebound from the bearish trend even after bouncing off its support at $1,188. If a breakout happens at this support, then its price may dip further down to $1,072. This breakout analysis will be valid for the coin until the end of this week.
It currently has a trading price at $1.237.
AVAX/USD
Avalanche (AVAX) price secured a very minute drop in price by a tiny 0.26%. Avalanche still manages to trade at $76. A price above its major support. If this bullish movement can continue, AVAX may be on its way back to its range where it has the most liquidity at $90. This movement will be realistic with an increased buying volume.
Its present trading price is at $81.87.
SOL/USD
In between this dominating bearish trend amidst top coins, Solana (SOL) managed to make an uptrend. Rising by 0.24%.
Solana is currently making drag between its support level and resistance level. Those are the $130 and $259 price levels respectively. It currently stands at a price very close to its support and any more breakout may result to a major dip to levels below $100.
However, if buyers can generate a huge volume in trades, a bullish movement can be achieved which may be capable of pushing its price up to the $200 zone. Thereby making a remarkable price recovery. At this time, SOL is trading at a price of $161.45.
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