U.Today – As the price is falling below the 200-day EMA, which has long been a key support level for the asset, the market is now entering a bearish phase. As you can see from the attached chart, the current trend indicates that BTC is moving within a clearly defined descending price channel.
This channel shows a steady downtrend with lower highs and lower lows, indicating that there will likely be pressure on Bitcoin for some time. The black line, which shows the 200-day EMA breaking below, is a critical signal of degenerating momentum. Bitcoin price has historically fallen further when it reaches this level.
The inability to sustain above this level contributes to the overall bearishness of the market. The clearly noticeable descending price channel indicates that Bitcoin will likely continue to trend lower until it finds a powerful support level in this range. Based on the chart, the lower edge of the descending channel, around $53,000, appears to be the next significant support level.
This level could serve as a stopgap for Bitcoin price, but if broken, it could fall even further and test the psychological $50,000 barrier. Furthermore, the decreasing volume that accompanied the price decline indicates a lack of significant buying interest, which could make it tough for Bitcoin to counter the current downtrend.
he loses it
With the asset currently trading below the critical $0.1 level and adding another zero to its price, Dogecoin is struggling and is in an extended downtrend. For DOGE investors, this presents a significant psychological barrier, and the inability of the asset to maintain any momentum suggests that there are more stern issues at play in the market.
Due to the current market conditions, Dogecoin is becoming increasingly vulnerable, as evidenced by its price action. The chart provided shows that Dogecoin has been steadily degenerating for several months, failing to break above vital resistance levels established by its moving averages. A longer-term bearish outlook is indicated by the 200-day EMA, which is well above the current price level.
Additionally, the bearish outlook is supported by the continued downtrends of the 50-day and 100-day EMAs. The volume profile reinforces the gloomier outlook. The extremely low trading volume indicates that there is not much buying interest in Dogecoin. With little buying pressure to offset the selling, the low volume suggests that the downtrend could continue for a while longer.
With no buyers, Dogecoin is prone to further declines, with the next potential support levels around $0.08 or even lower. Additionally, the Relative Strength Index, or RSI, is hovering near the lower end and showing fading momentum, although it does not yet indicate an oversold situation. This means that there could be more room for a downward move before any significant change can be anticipated.
aims to recover
Solana appears to be positioning itself for a potential rebound as its price reaches a critical support level. Historically, this price range has proven to be a solid base for Solana to recover, and current technical indicators suggest a similar move could be on the horizon.
Looking at the provided chart, SOL is trading just above $130, an area that has served as a pivot point for several price reversals in the past. The price recently fell below its 50-day and 200-day EMAs, signaling a bearish phase, but the current volume profile suggests that selling pressure is starting to subside. This could create an opportunity for buyers to enter, pushing the price higher in the compact term.
Additionally, the RSI (Relative Strength Index) is showing signs of approaching oversold territory, hovering around 42. This could indicate that SOL is approaching a point where sellers have exhausted their momentum, potentially making it ripe for a rebound. A reversal from these levels could easily push Solana back towards the 50-day EMA, which is currently around $145.
It should be noted, however, that the overall market conditions remain somewhat uncertain. While Solana has a history of rebounding at these price levels, the lack of significant volume in recent days could pose a challenge. For a sustained recovery, we need to see an enhance in buying interest along with higher trading volumes, especially as the price approaches key resistance levels around $140-$145.
