SOL was one of the worst-hit by Monday’s massive declines. It continued its downtrend from the previous day, losing over 6% on Sunday.
SOL was not the only major coin to experience massive declines at the start of the week. The crypto top 100s painted red as assets lost huge amounts in 24 hours. The global cryptocurrency market cap dipped from $3.65 trillion to $3.37 trillion, losing over 10%.
Other markets, like stocks, felt the impact as it appeared that the global event impacted the market. News of a cheaper AI chip from China caused the stocks of several energy and tech companies. The crypto market reacted to this trend as investors panic sold.
The market slightly recovered on Monday but failed to fully erase the losses. A look at the top 100 shows that several assets, including SOL, are in a downtrend.
Traders resume selloffs after the slight buyback. The global cryptocurrency market cap slipped lower as trading volume declined. Assets like PENGU and WIF were the worst hit by the declines. Pudgy Penguins lost over 24% as Dogwifhat dips by 12%.
Bitcoin and Ethereum hold steady above respective supports, let’s see how some assets in the top 10s are trending.
BTC/USD
Bitcoin briefly lost the $100k support during Monday’s dip. It opened trading at $102,573 but dipped to a low of $97,750 after it briefly broke above $103k. The apex coin recovered and closed close to its opening price as it saw significant buybacks.
The bullish trend continued into the present intraday session, with the coin edging closer to the $104k mark. However, it lost momentum and trades above $100k for the second time this week. Previous price movements suggest that there is a lower concentration of demand around this mark. Fibonacci retracement level points to a possible decline to the 23% fib mark at $96k.
Indicators like the moving average convergence divergence flipped bearish following the consistent decline the apex coin sees. The 12-day EMA is in contact with the 26-day EMA as it completes its bearish convergence. It may decline further as a divergence is imminent.
The relative strength index shows no signs of bulls attempting a buyback as the metric slips below 50.
ETH/USD
Ethereum veered close to breaking below $3k on Monday but rebounded at $3,001. It halted the downtrend that started after it peaked at $3,253 and recovered, closing at its opening price. The apex altcoin resumed the downtrend that began on Sunday and is yet to recover fully.
The coin opened Tuesday at $3,182 and peaked at $3,223 but experienced massive rejection to its bid at $3,300. It dipped and threatens to slip below $3k as the selling continues. Currently down by almost 4%, indicators point to further declines.
MACD displayed a bearish divergence during the previous intraday session. The 12-day EMA intercepted the 26-day EMA, hinting at further declines. The asset trades above the 61% Fib level after losing the 50% Fib level. This suggests that the asset risks slipping as low as $2,800 after losing this critical mark. The RSI continues to decline in response to the ongoing price trend.
XRP/USD
XRP was on the verge of testing its seven-day high but failed due to massive rejection after it broke $3.20. It experienced significant declines afterward and trades at its opening price at the time of writing.
The coin failed to continue the previous day’s bullish end after recovering from its dip to $2.65. However, indicators remain bearish. A few days ago, the moving average convergence divergence displayed a bearish divergence. The 12-day EMA intercepted the 26-day EMA, hinting at further declines. The relative strength is on a downtrend in response to the consistent selloffs.
Nonetheless, the asset trades above its 23% fib level. It rebounded off the mark during the previous intraday session, hinting at notable demand concentration.
SOL/USD
Solana opened trading on Monday at $240 but experienced massive selloffs as the rest of the market. It lost the $230 support and hit a low of $220. It rebounded and edged close to its opening price but closed with losses exceeding 2%.
SOL is edging closer to the previous day’s low as it resumed its downtrend after a smalslightce increase earlier on Tuesday. It peaked at $243 but trades at $225 at the time of writing. RSI retraced below 50 in response to the latest declines.
MACD also flipped bearish as the 12-day EMA is in contact with the 26-day EMA as it completes its bearish convergence. It may decline further as a divergence is imminent.
BNB/USD
Binance coin is not exempt from the ongoing price declines. The current-day trend ends Monday bullish performance. It dipped after it opened at $666 during the previous intraday session, hitting a low of $637. It rebounded and closed 2% higher than it opened.
BNB, like SOL, erases the previous day’s gains. It dipped by 2% and trades at $663 at the time of writing. Previous price movement suggests prices are approaching a critical mark and risk further descent if they fail to rebound. Currently trading slightly below the 38% fib level, it may slip lower and test the 50% fib level at $641.
DOGE/USD
DOGE is on the verge of losing the $0.30 support. It opened the current day at $0.33 but trades at $0.31 at the time of writing. It is approaching its previous day’s low of $0.305.
The coin failed to continue the previous day’s bullish end after recovering from its dip. However, indicators remain bearish. A few days ago, the moving average convergence divergence displayed a bearish divergence. The 12-day EMA intercepted the 26-day EMA, hinting at further declines. The relative strength is on a downtrend in response to the consistent selloffs.
Nonetheless, the asset trades above its 50% fib level. It rebounded off the mark during the previous intraday session, hinting at notable demand concentration.
