Solana Price Analysis: SOL Coin Is Back To Its Crucial Support Of The Descending Triangle Pattern

Solana Price Analysis: SOL Coin Is Back To Its Crucial Support Of The Descending Triangle Pattern

SOL coin has given a bearish crossover 20 and 100 EMA in the daily time frame

SOL/BTC traded at 0.0008383 BTC, with a loss of 5.63%

The Current price of the SOL coin is $26.4, with an intraday gain of 0.4%

With the formation of a descending triangle pattern in SOL coin, the price has almost plunged to the crucial support of $24.6. This support level is significant for the SOL coin itself, as the price had bounced back precisely from this level after the sudden fall in May and June. Therefore, if the price manages to break down from this support, it would trigger an excellent short opportunity for SOL traders.

Concerning the EMAs, the SOL coins trading below the critical EMAs 20, 50, and 100 indicate a strong bearish trend. In addition, the chart also shows a bearish crossover of the 20 and 100 EMA, which could lure more sellers. Moreover, the price is about to reach the 200 EMA, providing strong support to the price.

The RSI value (BEARISH) is 37, indicating a bearish sentiment in the price.

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SOL Coin Reveals A Falling Parallel Channel Pattern

The SOL coin price is wobbling in a falling parallel channel pattern in its 4hr time frame. With the help of this parallel channel, the price is moving lower towards the $24.6 support to maintain the daily descending triangle pattern. However, suppose the SOL coin goes for another bounce from this support level; in that case, the parallel breakout will work as an excellent confirmation for a decent long trade till the overhead resistance.

The MACD indicator (BEARISH) shows that the MACD and signal lines are below the neutral zone, indicates bearish momentum in the coin. Moreover, the lines also showed a bearish crossover, suggesting a sell signal.

Conclusion: The SOL coin has a general downtrend from a technical perspective. The SOL/USD chart shows an amazing descending triangular pattern in the daily time frame, which lead to another significant fall in this coin. Thus, to trade this pattern, SOL traders should wait patiently for the price to give a decisive breakdown from the $24.6.

Support – $24.5

Resistance – $29.3

Bitcoin Price Prediction: A Key Technical Pattern Confirms Bearish BTC

Bitcoin price opened the day on Sunday trading in the green bouncing off the horizontal trendline (x-axis) of a descending triangle at around $31,200. This is an attempt by the bulls to reverse the bloodbath that the flagship cryptocurrency has experienced since the all-time high (ATH) in April. These losses tested the zone around $28,800 confirming support at $28,000.

At the time of writing, Bitcoin price hovers around $31,800 on most crypto trading platforms while dealing with overhead pressure beneath the 20-day Simple Moving Average (SMA) and the descending trendline. Holding above $32,000 has become very crucial for the resumption of a recovery. However, the overall technical outlook shows that BTC may drop further in the near term.

Bitcoin Price May Fall Further as $23,200 Beckons

The Bitcoin price 12-hour chart highlights a descending triangle. This technical pattern is usually considered bearish analyse a bearish price action. The descending triangle formed by two trendlines: a descending trendline (hypotenuse) linking a series of lower highs and a horizontal trendline (x-axis) connecting relatively equal lows.

It starts with high volume which contracts as the triangle narrows, highlighting a period of price consolidation. The horizontal trendline shows a strong support, indicating a robust bullish front while hypotenuse shows the gradual pressure exerted by the bears. If BTC breaks below the horizontal trendline, the bearish outlook will be confirmed.

The break out should take place before the trendlines meet and has a target to the distance equal to the triangle’s thickest part. Thus, Bitcoin is likely to dump 25% to test areas around $23,200 before recovery takes place.

Bitcoin Price (BTC/USD) 12-Hour Chart

This bearish outlook is accentuated by the Moving Average Convergence Divergence (MACD) indicator, as seen on the same 12-hour chart. BTC’s downtrend will resume as the MACD’s continued movement below the signal line further into the negative zone.

Understand more crypto signals here to know when to take the plunge

Bitcoin Price IOMAP Model Highlights Robust Resistance

The In/Out of the Money Around Price (IOMAP) model, developed by IntoTheBlock adds credence to the bearish outlook. This on-chain metric highlights the robust resistance upwards particularly between $32,868 and $33,814. Here, 966,000 addresses previously bought around 730,000 BTC. Overcoming this obstacle will not be easy for Bitcoin bulls. Therefore, reversing the losses may take a while.

Is There an Upside to the Bitcoin Price?

On the upside, the IOMAP model reveals that bitcoin is sitting on a relatively strong support area between $30,912 and $31,858. Therefore, bulls must defend the current support provided by the horizontal line at $31,200 which falls within this range. Moreover, the green candles that appeared earlier on Sunday show that bulls are taking over. The sharp upward rise by the Relative Strength Indicator (RSI) indicator away from the oversold region indicates the bullish determination to begin a Bitcoin price recovery.

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Ethereum Classic Price Analysis: ETC Technical Chart Shows The Formation Of Descending Triangle Pattern

ETC coin has given a bearish crossover of the 20-50 EMA in the daily time frame

The ETC/BTC pair was trading at 0.001328 BTC with a loss of 3%

The 24hr trading volume fo ETC coin is 1.72 Billion

The ETC coin resonates inside a descending triangle pattern in the daily time frame. The price is about to reach the key support level of this descending triangle, i.e., the $37 mark. This support level is quite crucial for ETC coin as the price has bounced precisely from this level after the bloodbath in May and June. Therefore, if prices give a decisive breakdown from this level, the ETC should be getting an excellent short opportunity in this coin.

Regarding the crucial EMA’s: The ETC coin is trading below critical EMA’s 20, 50, and 100, indicating a bearish trend formation. Moreover, the chart also shows a bearish crossover of the 20 and 100 EMA, attracting more sellers to the market. And for the 200 EMA, it remains as the last line of EMA defence for ETC bulls.

The RSI (BEARISH) current value is 37, indicating a bearish sentiment in the market.

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ETC Coin Shows A Stepper Descending Trendline In The 4hr Time Frame Chart

The ETC coin seems to be travelling with a steeper descending trendline as it moves towards the $37 support. Therefore, traders can use this trendline to catch good short opportunities whenever the price reverses from the resistance trendline. In addition, the trendline will also provide a great confirmation if the price bounces from the bottom support.

The MACD indicator (BEARISH) shows a bearish momentum in the price as both the MACD and signal lines have moved below the neutral zone(0.00). However, the indicator shows multiple crossovers of both the line and a constant switch between the green-red bars in the histogram, indicating weakness in this bearish momentum.

Conclusion: From the technical perspective, the overall trend of ETC coin is strongly bearish. In addition, the chart also shows the descending triangle pattern in the daily time frame. This pattern can provide an excellent one-two traditional pivot target if it gives a strong breakdown from the $37 crucial support.

Support: $38.5-37

Resistance: $44.7