SOL is experiencing a surge in selling pressure, resulting in a decline in prices. It is edging closer to erasing Monday’s gains and is fast approaching the previous day’s low.
Regarding sentiment, SOL suggests growing uncertainty across the market. Although it’s seeing slightly less trading volume than the previous day, prices over the last 40 hours indicate no significant difference in buying and selling pressure.
Nonetheless, traders are confident about how the crypto market will perform in the next five days. The fear and greed index reflects this conviction, rising to 50 from 32 last week.
However, the global cryptocurrency market cap is down by almost 2%. Many fear that the cryptocurrency market may be heading for another period of significant selling pressure as its fundamentals shift to a negative outlook.
Tuesday is the last day of September, and investors are eagerly anticipating the US Congress’s decision on the budget for the next quarter. As it stands, failure to reach a consensus will result in the US government shutting down.
A government shutdown could have rippling effects on the market. Nonetheless, data from prediction market Kalshi shows an 80% chance of a shutdown.
Amidst the unfolding events, let’s see how some assets are expected to perform in the coming days.
BTC/USD
Bitcoin had a strong start to the week, surging from $112,200 to $114,360 and ending the day with a gain of almost 2%. However, the latest increase is a spillover from the previous day. It experienced one of its biggest surges last week and ended with a notable increase.
The 4-hour chart indicates that the apex coin is poised for further declines, following a nearly 2% drop on Tuesday. Its previous candle is a doji, suggesting that BTC is losing momentum. Its current candle shows a deeper low than the previous.
Aside from the candles, the moving average convergence divergence prints sell signals at the time of writing. It’s 12 EMA halted its ascent and is trending parallel as the coin loses momentum. A downward trend may occur if the current conditions persist.
The bollinger bands paint a similar grim picture, showing that the latest decline started after the largest cryptocurrencies broke above the upper band. Bitcoin will retest $110k in the coming days if the current trend persists.
ETH/USD
Ethereum has been in a downtrend since the start of the day. The first candle of the session was red, carrying small losses. However, the 4-hour chart shows no green on Tuesday as the coin plunged deeper.
Nonetheless, the asset is shedding the gains it accumulated over the last two days. Trading activity increased on Sunday, allowing the coin to reclaim the $4,100 level. It peaked higher the previous day but is edging closer to last week’s low
Regarding indicators, they are all printing sell signals. The bollinger bands revealed that the altcoin surged above the upper band a few hours ago. However, prices are approaching the middle band as the downtrend progresses.
The coin may slip below the middle band and edge closer to the lower band below $4k. MACD supports this claim as it displays an ongoing bearish convergence that may trigger further price declines.
XRP/USD
XRP experienced significant selling pressure for most of the day. The 4-hour shows several consecutive red candles with notable losses. As a result, it has shed its gains from Monday and is approaching Sunday’s low.
Nonetheless, its recent candle is green, suggesting a slight buyback. The bollinger bands reveal that the coin bounced off the middle band. However, there is uncertainty about how long the recent spike in buying pressure will last.
In the event of further increases, the altcoin is likely to continue rising, potentially reclaiming the $2.90 level. Conversely, further declines will send the asset to $2.75.
BNB/USD
BNB had its biggest decline during the previous 4-hour session. It lost almost 2%, slipping below $1k. The coin rebounded and is trading above $1,000, printing its first green of the day.
Nonetheless, the altcoin experienced a slight buyback and is seeing slight increases. A closer look at the chart shows that bollinger’s middle band served as a critical support during the recent decline. If the bulls continue to sustain the uptrend, the coin will likely break above $ 1,020.
On the other hand, BNB risks further decline. MACD prints sell signals, suggesting that the recent buyback may be short-lived. It may lose momentum, slipping to $980.
SOL/USD
Solana is experiencing an improvement in price trajectory after being on a consistent decline for most of the day. The altcoin is trading slightly higher than its opening price from the previous day, having erased the earlier loss.
SOL resumed its uptrend after slipping to a low of $204. The uptick appears to be losing momentum as the candle representing current price action reveals a wick. If the trend continues, SOL will retest $200.
However, further uptrends will bring the asset closer to bollinger’s upper band. It will guarantee an attempt at $216. It is also worth noting that SOL rebounded off the middle band, increasing the likelihood of further increases
DOGE/USD
The bollinger bands show that DOGE tested the lower line a few hours ago, but is currently trading at the middle band. Its recent price follows the seemingly capital inflow into the crypto market amid growing concerns about fundamentals.
Nonetheless, like SOL, the asset has been on the decline for most of Tuesday. It dropped to a low of $0.226. However, trading at bollinger’s middle band indicates a growing appetite for further price increase. If this holds, the memecoin will reclaim $0.237.
On the other hand, a drop in the recent momentum will send the asset below the bollinger bands. It will retest the $0.22 support.
ADA/USD
ADA slipped below bollinger’s middle band a few hours ago following several declines. However, the price trajectory has changed, and the altcoin is seeing significant increases at the time of writing.
Like SOL, Cardano is pulling back some of its losses and is up by over 2% in the past hour. The bulls will look to continue the uptrend, causing a surge to $0.82. It is essential to maintain momentum, as a slip will cause the asset to drop to $0.75.
Get Trending Crypto News as It Happens. Follow CoinTab News on X (Twitter) Now
