Source: Cointelegraph/TradingView
The RSI has dipped into the oversold territory, indicating that the selling pressure may have been overdone. A relief rally is likely, but it may face resistance at the $117 level. If the SOL/USDT pair turns down from this level, the bears may attempt to push the price below $95. The next support on the downside is at $80.
On the contrary, if the price breaks and closes above $117, it suggests that the bulls are back in action. The pair may then rally to the moving averages.
into markdown format. Solana (SOL) Price Analysis: Bulls Defend $95 Support Level but Face Pressure
The recent price action of Solana (SOL) has seen the bulls successfully defending the crucial $95 support level. However, the lack of a strong bounce indicates that the bears are still exerting pressure on the market. If the $95 support level is breached, the SOL/USDT pair could potentially embark on the next leg of the downtrend, with a target of $79.
On the flip side, a break above the $107 resistance level could signal a recovery rally towards the 20-day EMA at $121. The 20-day EMA is expected to act as a key resistance point, but if the bulls manage to push through, the pair could aim for the $147 resistance level.
Dogecoin (DOGE) Price Prediction: Bears Push DOGE Below $0.10 Support
Dogecoin (DOGE) recently saw a sharp decline below the critical $0.10 support level, indicating aggressive selling pressure from the bears. The bulls have initiated a relief rally, but they are likely to face resistance at the 20-day EMA around $0.12. A rejection at this level could lead to a further decline towards the $0.10 support, with a potential target of $0.08.
Alternatively, a breakthrough above the 20-day EMA would suggest a rejection of the $0.10 breakdown, paving the way for a rally towards the strong resistance at $0.16.
Cardano (ADA) Price Forecast: Bears Remain in Control as ADA Falls Below $0.27
Cardano (ADA) recently dropped below the crucial $0.27 support level, signaling continued bearish momentum in the market. While the price has bounced off the support line, it is likely to face resistance at the 20-day EMA around $0.34. A sharp rejection at this level could see the bears attempting to push the ADA/USDT pair below the support line, potentially extending the downtrend towards $0.20.
To reverse the downtrend, the bulls need to propel the price above the downtrend line, indicating a possible move towards the breakdown level at $0.50.
Bitcoin Cash (BCH) Price Analysis: Bulls Defend $456 Support Level, Eyeing Resistance at $551
Bitcoin Cash (BCH) recently approached its pattern target of $456, where buyers stepped in to initiate a relief rally. The rally is likely to face resistance between the 50% and 61.8% Fibonacci retracement levels at $535 and $551, respectively. A rejection at this zone could prompt the bears to push the BCH/USDT pair below $500.
Alternatively, a breakthrough above $551 could lead to a rally towards the 20-day EMA at $571, signaling a resurgence of bullish momentum in the market.
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