SOL is edging closer to registering its third consecutive day of declines, down by almost 2% on Tuesday. It has been on a downtrend since Sunday and shows no signs of halting at the time of writing.
SOL joined the rest of the market as it retraced to some of its lowest levels in the last two weeks. The altcoin lost over 5% in response to the decline on Monday.
The global cryptocurrency market cap shed almost 3% during the previous intraday session. It continued the decline on Tuesday, down by almost 2% as valuations dropped to $2.15 trillion. Nonetheless, the 1-day chart shows the asset has been in decline since Saturday and may be heading for its fourth consecutive day of declines if current market conditions persist.
However, the 4-hour chart shows that recovery may be underway. The relative strength index is at 29, indicating that the market is oversold. A closer look at the chart reveals that in most instances, a slip below 30 may trigger a rebound. If that plays out this time, the market may experience relief rallies in the coming hours.
Aside from RSI, the bollinger bands also hint at further increases in the coming hours. With a higher likelihood of a pullback in the coming hours, let’s see how some assets in the top 10 react.
BTC/USD
Bitcoin continues its decline after its bearish start to the week. It lost over 4% on Monday and very little in terms of recovery. It ended the session at $64,630, slightly above its low.
BTC has yet to see a significant pullback, as it retraced even lower a few hours ago. It dropped to a low of $62,696, but rebounded and trades above $63,000. Nonetheless, the 4-hour chart shows that buying pressure is gradually building, and the likelihood of recovery is high.
A closer look at the chart reveals that the apex coin has been on the decline since the day began. However, its previous candle was smaller, with a protruding wick below, indicating a slight pullback. It currently prints a green candle as the buying intensifies. If the upward momentum continues, the asset will reclaim $64k in the coming hours.
Conversely, the risk of a slip to $60k is not zero. The ongoing buyback may lose its strength.
ETH/USD
Like SOL, ETH may be heading for its third consecutive day of decline. It had a massive correction on Monday, plummeting by 5%. It flipped $1,900 and ended the session at $1,855.
Current price action suggests that the altcoin is yet to see a significant buyback. It resumed its downtrend early on Tuesday, dropping to a low of $1,811. The $1,800 support came under pressure and is experiencing it at the time of writing. However, the 4-hour chart indicates that the mark will hold.
In the session starting at 00:00 UTC, ETH shed almost 2% to a low before rebounding. The next few candles would be red but with slightly higher lows. They also suggest reduced selling pressure, which may graduate into a pullback.
Interestingly, the last two were within a symmetrical triangle, signaling that a breakout is imminent. Prices may break out both ways: if it’s to the top, $1,900; if it’s to the bottom, $1,750.
XRP/USD
XRP has been on a downtrend, which began on Sunday and worsened on Monday when it shed 3%.
The 4-hour chart shows that it recovered but resumed the decline in the session starting at 12:00. It has since continued downward, revisiting the previous low on Tuesday.
However, the chart offers a glimmer of hope. XRP prints its first green candle. It follows several days of trending close to bollinger’s lower bands. Bearing in mind the circumstances surrounding the current development, prices may see further upticks in the coming hours. It will look to reclaim $1.36.
BNB/USD
BNB continues its decline on Tuesday, retracing below $600 again. It has since filled the FVG it created on Monday and shows no signs of slowing, suggesting it may retrace even lower in the coming hours.
The 4-hour chart shows that the altcoin is seeing increased selling at the time of writing. Currently trading at $586, the bulls must stage buybacks at this key level or risk a slip below $580. Nonetheless, the chances of a rebound are relatively high as previous price movements indicate notable demand concentration at the current price.
Additionally, the bollinger band is also positive. BNB may bounce off the lower band.
SOL/USD
Compared to the previous day, SOL is experiencing reduced selling pressure. However, it currently trades almost 2% below its opening price. It also briefly broke the 14-day support a few hours ago.
The asset is back above the critical mark, indicating a slight recovery. It may continue upward as the 4-hour chart shows its last two candles were dojis, signaling reduced selling pressure. In addition to prices, the relative strength index is below 30, suggesting Solana may be gearing up for an uptrend.
If the current conditions persist, the altcoin will reclaim $78 in the coming hours.
DOGE/USD
DOGE has been on a downtrend since Saturday, with its biggest decline happening on Sunday. It also saw significant losses on Monday, shedding over 2% following its rebound.
The downturn is ongoing on Tuesday and threatens to be worse than Monday’s. It is down by over 2% following a sharp descent in a few hours ago. However, the 4-hour chart shows that selling is slowing as it prints dojis, representing price action over the last 8 hours.
The bollinger bands suggest an uptick in the coming hours, which may send DOGE above $0.093.
BCH/USD
A previous outlook suggested a possible slip below $520 on Monday. Bitcoin cash retraced the mark as predicted, dropping to a low of $487 before rebounding. However, it ended the session down by more than 13%.
It resumed the downtrend on Tuesday and is trading down by over 3%. Current price action on the 4-hour chart is a significant risk of further downtrend as it trades far from key support. Nonetheless, it is worth noting that since the sharp drop a few hours ago, the asset has printed progressively smaller candles.
Additionally, RSI shows that BCH is oversold and due for a rebound. It will look to reclaim $500 in the coming hours.
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