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.
Solana (SOL)
Supply: 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 previously, 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 previously ten days, to point out that promoting strain has been a lot stronger than the consumers. A bounce towards $108 may happen. The $105-$108 space may see promoting strain intensify as soon as extra.
EOS
Supply: EOS/USDT on TradingView
EOS has additionally displayed sturdy bearish momentum in latest days coupled with heavy promoting quantity available in the market. The Superior Oscillator was beneath the zero line, whereas the A/R line was transferring sideways previously couple of days. This might trace at a bounce towards $2.3.
The Fibonacci extension ranges (yellow) plotted primarily based 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.
Tezos (XTZ)
Supply: XTZ/USDT on TradingView
The RSI and the worth motion on the hourly chart confirmed a bearish divergence. The CVD additionally climbed into constructive territory to indicate the shopping for strain to be simply barely stronger than the promoting strain.
The $3.1-$3.17 space (crimson field) may pose resistance to an XTZ bounce. To the south, the $2.84-$2.9 space may supply help. Therefore these areas might be promoting and shopping for alternatives within the subsequent few days.
