SOL kicks off Tuesday on a more bullish note than the previous day. It saw a slight pullback from the prior day’s decline, sparking speculation of further increases.
However, the volume indicator dropped by over 23% in the last 24 hours, showing a reduced interest in the coin. Nonetheless, prices are yet to show any adverse reaction to the declining volume.
The sixth-largest coin is not the only asset seeing a drop in trading activity. The global cryptocurrency market cap remains unchanged as several cryptocurrencies grapple with this trend. Nonetheless, the market is seeing a slight drop in volume.
There are no signs of an impending change to the price trajectory of several cryptocurrencies due to the lack of any fundamentals that could cause a significant price shift. However, the US President recently fired a Federal Reserve Governor over alleged mortgage fraud.
A look at X shows differing opinions about the move, with some asking if it’s positive for the crypto market. Current prices show that the market has been indifferent to the announcement.
Nonetheless, the bulls will look to stage buybacks on Tuesday. Let’s examine the current state of coins in the top 10.
BTC/USD
Bitcoin registered its third day of consecutive losses on Monday and retraced to levels not seen since July. It opened the session at $113,419 but retraced to a low of $109,283 and closed with losses of almost 3%.
Aside from price declines, many traders lost massive funds in the futures market as liquidations were at a record high. However, data from CoinMarketCap shows that the asset is seeing a drop in liquidity inflow at the time of writing.
BTC saw another round of selling a few hours ago that resulted in the coin dropping to another low. It retraced to a low of $108,717 but trades around its opening price.
Nonetheless, indicators are yet to react to the latest buyback attempt. The moving average convergence divergence continues its downtrend, dropping to levels not seen since March. Its histogram prints longer bars at the time of writing, indicating that the gap between the 12 and 26 EMAs is widening.
However, the bollinger bands show the apex coin trading at a critical level. BTC is trading at the lower band after breaking below it hours earlier. Additionally, the fibonacci retracement levels reveal that the coin is at the 78% mark. The level is not a tough support, indicating that the asset must hold it or risk further downtrend.
ETH/USD
Ethereum is printing a green candle on Tuesday as it sees a slight recovery. However, it is as the bulls are yet to stage any significant rallies. Nonetheless, the coin started trading at $4,377 and peaked at $4,454 a few hours ago. It is worth noting that it retraced to a low of $4,311 before its slight increase.
ETH had one of its biggest declines on Monday, losing over 8% as it plummeted from $4,779 to $4,335. The coin is grappling with selling pressure amid declining trading volume.
Nonetheless, indicators on the 1-day chart flipped bearish following the previous day’s event. MACD displayed a negative crossover as the 12 EMA intercepted its counterpart. The EMAs are growing apart, showing worsening conditions amid the pullback.
The bollinger bands show the asset trading below the middle band. However, it’s hovering close to the mark as the bulls struggle to keep prices above $4,400. Additionally, the fibonacci retracement designates this critical mark close to the 23% level.
XRP/USD
XRP is up by almost 2% as buyback continues. It previously peaked at $2.93 but trades slightly lower. Nonetheless, its current price trend is a notable improvement from the previous day. Like SOL and the rest of the market, the coin lost over 5% on Monday.
The slight price improvement is reflected in the moving average convergence divergence. While the metric continues its decline, its histogram prints a smaller bar. This may indicate the start of a bullish convergence.
Nonetheless, the altcoin trended between bollinger’s middle and lower bands. It rebounded off the lower line on Monday and may be heading to the other boundary, continuing its trend.
XRP is grappling with notable selling pressure at the 50% fib level. It is crucial to keep this price, as the next mark is the 61% level at $2.72.
BNB/USD
BNB mirrored SOL and the rest of the market on Monday as it retraced by over 4%. It lost the 23% fib level and dropped to a low of $834 before rebounding.
However, it sank lower in the early hours of Tuesday, dropping to a low of $830. It sees a slight pullback after the recent decline but prints a doji.
Nonetheless, MACD continues its bearish trend. The 12 EMA crossed the 26 EMA on Monday as selling pressure peaked. The negative crossover, which heralds further decline, took place.
The fibonacci retracement levels show that the asset is trading above the 23% mark. However, it’s not a tough mark as previous price movement shows several price retracements below it. Additionally, the bollinger bands indicate that the asset briefly broke below the middle band a few hours ago.
Nonetheless, the coin must hold this level; the retracement level points to the 38% mark as the next target.
SOL/USD
SOL printed one of its longest candles on Monday. However, it registered significant losses, retracing from $213 to $185 and losing almost 10%.
The asset prints a doji at the time of writing as it faces rejections to its bid to erase the losses. It retraced after testing $190 and failing as selling pressure increased. Nonetheless, it is worth noting that the latest attempts at the resistance mark the second in the last seven days with a similar result.
However, MACD’s 12 EMA is in contact with the 26 EMA, marking the completion of the bearish convergence. A divergence may take place in the coming hours, signaling further downtrends.
Nonetheless, it is worth noting that SOL broke out of the bollinger bands on Monday, and this may be a contributing factor to the ensuing decline. It trades above the middle band at the time of writing after breaking below the metric a few hours ago.
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