SOL kicked off Monday with significant bearish sentiment, leading in price retracement. Many feared the bearish start would significantly impact price action this week.
Current prices suggest that their fears are valid as the altcoin retraced even lower on Tuesday. It retraced to its lowest level in the last seven days.
SOL is down almost 2%, but it is not alone in the current bearish sentiment. The global crypto market is in a similar mood, and most assets are down a few percent.
However, Tuesday’s decline is slightly lower than Monday’s. While this may signal dwindling selling pressure, it is not definitive. Nonetheless, some indicators are flipping positive.
Additionally, the market retraced following the announcement that the United Arab Emirates is leaving OPEC. Oil prices rose sharply, resulting in an opposite effect on the crypto market. The reaction to the news is gradually fading, increasing the likelihood of recovery on Wednesday and Thursday.
Nonetheless, the rate decision is another important fundamental that could trigger a significant price swing. If the Feds announce a cut in the coming session, it may revive buying pressure for the rest of the market.
On the other hand, investors are prepared for no cuts. The market may continue trending downward. In either case, the decision may set the tone for the rest of the week.
Away from fundamentals, let’s see how some assets in the top 10 will perform in the coming days.
BTC/USD
Bitcoin retraced to $75,600 for the first time in almost a week. It has seen a flurry of negative fundamentals since the week started, leading to the significant drop from $79k on Monday.
With prices at their lowest in seven days, the bullish sentiment has since died. However, the bollinger bands suggest that the asset is due for a rebound. The recent movement on the 4-hour chart shows that the recovery has started as the asset prints a green candle and trades above $76k.
The apex coin is currently trading close to the lower band. If the uptrend continues, it may retest $79k in the coming days. Conversely, if it loses the upward momentum, previous price movements suggest a plummet below $74k.
ETH/USD
A few hours ago, prices retraced to $2,256. However, it bounced off the seven-day low and trades slightly above it.
The altcoin also approached bollinger’s middle band. is facing slight rejection at the time of writing. It is worth noting that it recently rebounded to the lower band, suggesting that the uptrend may be temporary.
Ethereum will climb above the middle band in the coming hours. It may continue upward, retesting the upper band at $2,400.
XRP/USD
On the 4-hour scale, XRP has been in a downtrend. One analysis noted that it lost a critical support and may continue downward.
However, the relative strength index suggests that a recovery is imminent and may already be underway. The metric dropped to 31 a few hours ago, but is trending slightly higher as prices pulled back.
The altcoin may attempt to reclaim $1.40 in the coming hours. Nonetheless, previous price movement shows notable selling congestion at the mark. If XRP fails to flip this key level, it may retrace even lower in the coming hours.
BNB/USD
Like SOL, BNB had a bearish start to the week. The sentiment remains the same at the time of writing, as it retraced lower a few hours ago.
However, it shows signs of recovery after its recent decline below $620, marking the second time it has tested this key mark. Since bouncing off the support, it has slowly etched upward. If it maintains the uptrend, it will retest $640.
The bollinger bands suggest a high likelihood of this happening as the altcoin recently rebounded at the lower band. If it flips the middle band, it will retest the upper band.
SOL/USD
The 4-hour chart shows that in the session starting at 12 UTC, SOL retraced below $83. However, it entered a demand zone and trades slightly higher at the time of writing.
Over the last three weeks, the latest attempt marks the third. It has gone on to retest the $89 after rebounding at this key level. If the trend repeats, the altcoin will see further increases in the coming days.
However, RSI shows room for further decline; it recently rebounded at 34. If the asset fails to decisively flip $85, SOL will plummet.
DOGE/USD
Dogecoin appears unaffected by the latest bearish sentiment affecting the crypto market. It is trading almost 2% above its opening price. Nonetheless, like SOL, it experienced notable corrections on Monday.
On the 4-hour chart, it is trading above bollinger’s middle band after a recent breakout. The current trend may be short-lived as the memecoin may break below the metric, dropping to the lower band.
However, as it did previously, it may bounce off the mark on Wednesday. Previous price action points to a possible attempt at the $0.10 resistance level. The prediction aligns with predictions from one analysis that indicated a high likelihood of such a retest.
While discussing whether the Monday drop was a bear trap, the article noted that the altcoin has traded between the upper and middle bands, with a few breakouts. The trend may continue in the coming days.
HYPE/USD
While discussing the possibility of an attempt at $45, one analysis noted that while there is a slim chance, if Hyperliquid fails to reclaim $43, the altcoin will plummet below $40.
The 4-hour chart shows that this happened a few hours ago. However, it rebounded but is struggling to stay above the mark. The bollinger band shows that the asset will experience further increases in the coming hours.
It will reclaim the middle band at $41. Nonetheless, if it fails to decisively flip this key level, it may resume its downtrend. HYPE may drop as low as $38 before Friday.
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