U.Today – The cryptocurrency has recently reached extraordinary levels and currently its RSI (relative strength index) is showing a flattening effect at the top. This pattern is comparable to the double top pattern in conventional RSI analysis, where the RSI reaches comparably high levels, twice forming a ceiling of sorts.
Double tops often indicate a possible trend reversal on conventional price charts, but in the case of RSI, they can actually reinforce the concept of a trend continuation rather than a reversal. The fact that the RSI is currently in the 70-80 range indicates that the asset is slightly overbought but still holding steady. Historically, longer periods of gains, rather than sudden declines, have often accompanied Bitcoin’s RSI rise above 70. The forceful buying momentum is indicated by the fact that it remains at this level without experiencing a significant correction.
Recently, Bitcoin breached $75,000, a key psychological and technical barrier, and crossed significant resistance levels. Bitcoin is following an uptrend from a price perspective, and the current price action indicates forceful support. Bitcoin has a good chance of continuing to rise if it stays above $70,000. Consistent with previous consolidation areas, $69,000 is one support level worth keeping an eye on. Fortunately, if Bitcoin continues its current trend, it could reach $78,000 and even more.
The noteworthy volume accompanying this move further strengthened the bullish sentiment. As recently observed, a high-volume breakout usually signals real interest, not a passing pump. Investors should consider any changes in volume trends as a sign of a change in sentiment.
the price returns to normal
With prices rising noticeably in recent days, Cardano is finally seeing a noticeable boost in value. ADA showed such forceful growth for the first time since February, breaking through multiple resistance levels and attracting the attention of investors. The jump comes as bullish sentiment around the asset strengthened following ADA’s move above the $0.40 level, up about 6% on the day.
The main factor driving this rally is ADA’s ability to break through the $0.35-$0.36 resistance zone, which has been a recalcitrant barrier for months. ADA was able to test higher levels after breaking through this zone and this move has forceful support due to the spike in volume.
Investor confidence is also likely boosted by the growth of the Cardano network and its growing ecosystem. ADA technically broke above its 50-, 100- and 200-day moving averages, indicating the possibility of a long-term uptrend. Following the recent improvement in macroeconomic sentiment, core assets are gaining ground and current price action is in line with broader market trends. However, it is significant to approach this expansion with a vigorous dose of optimism.
While ADA is showing positive indicators, the asset may be approaching overbought territory as its Relative Strength Index (RSI) has crossed above 70. This could result in a short-term decline, giving investors a chance to consolidate gains before the uptrend possibly continues.
ADA could try to test the next significant resistance level, which is located around $0.50, if it manages to hold support above $0.40 and continue its uptrend. However, a drop below $0.40 could result in a retest of the $0.35 support. ADA may finally be in the early stages of a broader recovery trend based on Cardano’s price action, which is a positive development at the moment.
he’s back
The psychological barrier of $200 has been breached by Solana (SOL), which, if momentum continues, could pave the way to a record high. A major achievement for the blockchain platform, which has seen a surge in network activity and popularity, particularly in the meme coin industry, this recent development signals renewed bullish sentiment. The surge in on-chain activity is fueling Solana’s current growth, bringing more users and projects to the platform.
The flourishing DeFi ecosystem, where SOL’s swift transactions and affordable fees make it a desirable substitute for other networks, is also supporting this expansion. Demand for SOL is growing, which is supporting its price boost as more users interact with app NFTs and tokens on the Solana platform as the platform grows. Technically speaking, hitting $200 creates a forceful base for a future up move.
SOL could aim to reach an all-time high around $260 if it breaks the next significant resistance level, which is located around $216. Maintaining this price could stimulate additional buying pressure and assist investments continue their upward trend. The $200 level is currently support.
The strength of this rally is also reflected in the relative strength index (RSI), which remains above 70, which generally indicates forceful buying interest. However, high RSI values ​​should alert investors to any signs of over-expansion. For SOL to grow, continued volume growth and continued network activity will be necessary.
