SOL is currently struggling to maintain prices above $150. The asset is printing a red candle as it succumbed to the prevalent bearish sentiment across the market.
The global crypto cap dropped by over 3% in the last 24 hours as trading conditions worsened. The latest decline in the price of several cryptocurrencies plunged the bearish sentiment spread. More traders are taking profit. resulting in significant selling congestion.
Fundamentals failed to change the current price trajectory as the sector saw more adoption in the last 24 hours, with a state in the US proposing settling tax in crypto. Reports of the massive inflow into some crypto products made the rounds.
Let’s see how some assets performed over the last seven days.
SOL/USD
Solana saw several rallies last week that shot prices up. One such happened on Thursday when the asset opened trading at $147 but surged due to a spike in buying volume. It attempted $160 but failed as it peaked at $158. The day ended with the asset closing with gains exceeding 5%.
The uptrend continued until it broke above $160 two days later. However, it began struggling following this milestone. The bulls showed signs of exhaustion during the previous intraday session as it peaked at $161 but retraced to a low of $155. Nonetheless, it ended the previous week with gains of almost 10%.
Trading actions over the last 24 hours suggest that the bears are taking over and staging several selloffs. One such sent the asset to a low of $153 a few hours before rebound.
Solana is back below Bollinger’s upper band. The relative strength index is currently on the decline. It dropped 64 and is trading at 60 due to mounting selling pressure. The Accumulation and Distribution chart indicates that the bulls are unable to are unable to soak up the excess supply.
DOGE/USD
DOGE has been on the downtrend over the last 48 hours. It has lost over 8% during period. The latest decline follows the three-day surge it previously had that started on Thursday. This surge was fueled by a spike in buying volume, propelling the price to a high of $0.12.
However, the momentum waned, leading to a slight retracement. Despite this, DOGE closed the day with an impressive gain of nearly 9%.
Furthermore, this upward momentum persisted the following day, with DOGE maintaining its position above $0.12 and attempting to breach the $0.13 resistance level.
However, an attempt was met with strong rejection at $0.128, triggering a sell-off that drove the price down to $0.123. Despite this setback, DOGE still managed to close the day with gains surpassing 4%.
Continuing its retracement, DOGE tested the $0.12 support level before rebounding and resuming its upward trajectory, ultimately breaking through the $0.13 resistance.
The victory was short-lived as a correction followed, resulting in a near 4% gain reflected in a doji-like candle formation. Currently, the asset is forming another doji, albeit shorter than the previous one.
Despite the recent price fluctuations, DOGE’s overall performance over the past three days has pushed its Relative Strength Index (RSI) higher. Although currently at 72, the RSI peaked at 73, indicating an overbought condition.
Additionally, DOGE is trading above the Bollinger bands. It broke above the upper SMA on Thursday and has remained there since.
This positions DOGE above its first pivot resistance level, even as other indicators flash bearish signals. Adding to the complexity, the Average Directional Index (ADX) is on the rise, suggesting increasing price volatility and the potential for further price swings.
TON/USD
Toncoin (TON) has enjoyed a remarkable rally, surging by almost 5% over the past week. This impressive performance follows a period of consolidation marked by a doji formation last week.
The most significant surge began on Wednesday, defying a generally bearish market sentiment. TON rebounded from $5.50 the previous day and powerfully broke through the $5.80 resistance level, reaching a new high. Despite minor corrections, TON secured gains exceeding 2%.
Thursday saw TON continue its ascent, making a valiant attempt to conquer the $6 resistance level. However, massive selling pressure at $5.93 thwarted this attempt.
Undeterred, TON persisted and successfully broke through the $6 barrier on Friday, reaching a peak of $6.13. Despite retracing below this high, TON closed the day with impressive gains exceeding 3%.
However, recent trading activity over the past 48 hours suggests that the bulls might be losing steam. TON experienced a significant pullback from its peak above $6 to a low of $5.82 as momentum waned and traders secured profits.
Moreover, downward pressure continued, pushing TON further down to $5.70. Although the market is witnessing a slight recovery, current indicators are flashing bearish signals.
One such indicator is the Bollinger Band, which TON decisively broke out of during the previous trading session. This bearish signal suggests a potential trend reversal, a notion further supported by the current price action.
However, the Average Directional Index (ADX) is on an upward trajectory, while the RSI remains below the overbought threshold of 70. This conflicting information indicates continued price volatility and the potential for either bullish or bearish momentum to take hold.
ADA/USD
Cardano (ADA) has remained relatively stable over the past three days, with no significant price fluctuations. However, zooming out to a weekly perspective reveals an impressive gain of over 13%, showcasing its underlying strength.
Notably, ADA has consistently traded close to its first pivot resistance level of $0.40. A closer look at ADA’s weekly performance reveals that most of its price action occurred earlier in the week, particularly during the initial trading sessions.
On Monday, ADA commenced trading at $0.35 before experiencing a brief retracement and subsequently rebounding off its pivot point. It then surged to $0.36, closing the day with gains exceeding 3%.
The bulls maintained their grip on Tuesday, propelling ADA even higher. ADA made a valiant attempt to breach the $0.40 resistance but encountered strong selling pressure at $0.39, preventing further upward movement. Nevertheless, ADA concluded the day trading at $0.38, securing gains exceeding 6%.
