The crypto market noticed an enormous wave of promoting over the previous two days. Bitcoin fell by almost 10% from $43.3k to $39.8k, and Solana and Tezos additionally posted related losses. Solana has been in a near-term downtrend because the bearish retest of $136. EOS and Tezos additionally had a bearish outlook on the shorter timeframes. Yet, the day after a pointy drop generally presents shopping for alternatives.
Solana (SOL)
Source: SOL/USDT on TradingView
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 up to now, and SOL may see a bounce from this space.
The RSI was at 31.15 and confirmed sturdy bearish momentum. The OBV has additionally been in a downtrend up to now ten days, to point out that promoting strain has been a lot stronger than the patrons. A bounce towards $108 may happen. The $105-$108 space may see promoting strain intensify as soon as extra.
EOS
Source: EOS/USDT on TradingView
EOS has additionally displayed sturdy bearish momentum in current days coupled with heavy promoting quantity out there. The Awesome Oscillator was beneath the zero line, whereas the A/R line was transferring sideways up to now couple of days. This may 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.
Another session shut beneath $2.15 would seemingly see EOS descend towards $1.9.
Tezos (XTZ)
Source: XTZ/USDT on TradingView
The RSI and the value motion on the hourly chart confirmed a bearish divergence. The CVD additionally climbed into optimistic territory to indicate the shopping for strain to be simply barely stronger than the promoting strain.
The $3.1-$3.17 space (purple field) may pose resistance to an XTZ bounce. To the south, the $2.84-$2.9 space may provide help. Hence these areas will be promoting and shopping for alternatives within the subsequent few days.
