SOL is trading at $87, slightly above its opening price. The 1-day chart shows no significant move on Tuesday following its volatile performance the previous day.
The upward momentum seen on Monday has since reduced, and the bulls are struggling to reignite the run. However, recent fundamentals suggest that SOL may surge higher in the coming hours.
The US BLS released the PPI report a few hours ago. They came in better than expected, with the producer price index for March coming in at 0.5% against the expected 1.1%. The core PPI also came in better than expected.
The market is currently experiencing notable buying pressure due to these positive reports. Assets like CAKE and ETH are currently rising in response, contributing to the slight increase in the global cryptocurrency market cap.
However, the crypto market is approaching a key level, and it has failed to flip over the last three months. While it is experiencing notable buying pressure at the time of writing, its upward momentum is gradually waning.
There may be a trend reversal in the coming hours. Assets in the top 10 are currently grappling with slight selling pressure. Let’s see how they’ll perform in the coming days.
BTC/USD
Bitcoin surged to $76k a few hours ago, driven by positive fundamentals. However, it is trading[ $75k at the time of writing as it faced rejections.
Nonetheless, it maintains trading above the first pivot resistance. If it remains above this mark for an extended period, it may try to break the resistance again. However, the latest surge is unsurprising, as a recent outlook noted that if fundamentals were positive, prices would break above $74,500.
Conversely, the recent rejection indicates growing selling pressure that may worsen in the coming hours. The 4-hour chart shows several indicators flipping negative following the latest spike. One such is RSI, which was teetering on the edge of flipping 70.
Bitcoin was overbought on this timeframe a few hours ago, suggesting further corrections. The pivot point standard indicates $73,811 as a key level. If it loses it, a drop to $70k is almost inevitable. Prices recently trended close to $70,700; it may repeat the pattern this week.
ETH/USD
Ethereum gained over 8% on Monday, falling a few dollars short of $2,400. It flipped the mark a few hours ago but is currently grappling with notable selling pressure.
Down a few percent, it is showing the early signs of a trend reversal after a good start to the week. Nonetheless, prices are stable around $2,340, hinting at a possible recovery.
However, the relative strength index on the 4-hour chart hints at further decline. It indicated that the asset was overbought on Monday. It is currently at 65, depicting room for further descent.
Previous price movements also suggest that in the event of further decline, ETH will slip below $2.3k. The chart shows no strong levels until $2,230. If the bulls fail to defend the mark, a drop to $2,170 is likely.
Nonetheless, the asset downturn nears confirmation. A slip below R1 will signal a drop to the highlighted barrier.
XRP/USD
Like SOL, XRP saw notable increases on Monday. The upward momentum continued into Tuesday, resulting in a surge to $1.39. However, the asset is currently at $1.37 following rejections.
The 4-hour chart hints at a drop to $1.33. Following its failure to decisively flip the first pivot resistance at $1.38, the altcoin will most likely retrace to the pivot point at $1.33.
Previous price movements reinforce this assertion, as XRP experienced a similar failure last week. The result: a decline to $1.32. The recent rejection suggests that the apex asset is yet to fully break the selling congestion at the mark. Further downturn is almost inevitable.
BNB/USD
BNB is up by almost 2% on the 1-day scale, continuing the previous day’s upward momentum. However, it is trading at its fourteen-day high, marking its second attempt.
The 4-hour chart suggests that buying volume remains intact as it nears this critical level. It has also formed a level with notable demand concentration before the latest hike.
However, RSI indicates that the asset is overbought. A trend reversal may follow in the coming hours if the bulls fail to flip $625. Previous price action suggests a repeat of last week’s event, when BNB attempted to break resistance but failed. It retraced to $597 afterward.
SOL/USD
On Monday, SOL rebounded from bollinger’s lower band. The drop to this level was triggered by a previous attempt at breaking above the upper band.
It recently broke out of the band but is grappling with slight selling pressure at the time of writing. It faced rejections as it neared $88 and currently trades at $86. It may retrace lower in the coming hours following its retest of the upper band.
If that happens, SOL may rebound at the middle band at $83. However, previous price movements place the target even lower. There is notable demand concentration at $81. If the bulls fail to defend the middle band, a slip to this barrier is likely.
DOGE/USD
DOGE peaked at $0.097 a few hours ago but was rejected. Nonetheless, it trades up by over 3% on Tuesday. Interestingly, it flipped its fourteen-day high, which serves as support at the time of writing.
On the 4-hour chart, it is trading above the first pivot resistance. However, it failed to establish a demand concentration at the mark, suggesting prices will breeze past it in the event of further downturn.
Like SOL, it also broke above the bollinger bands a few hours ago. The indicator confirms a further decline in the coming days.
HYPE/USD
Hyperliquid faced strong resistance at $45. The 4-hour chart shows an almost 3% decline in the past session following the rejection.
However, its current candle depicts a slight improvement. Nonetheless, the asset is experiencing slight selling pressure at the first pivot resistance. If it continues, further declines are almost inevitable.
The bollinger band points to a higher chance of further downside following the recent breakout. The pivot point standard points to a possible decline to the PP at $40.
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