Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The market has started the new week with a neutral mood as some coins keep rising while others have already faced a correction.
BTC/USD
Yesterday morning, buyers tried to restore the price of Bitcoin, but again they could not overcome the resistance of the two-hour EMA55. For two weeks, the pair has not been able to break above this moving average EMA55.
By the end of the day, the price retraced to the $55,287 level and renewed the monthly minimum around the $55,628 mark. A weak recovery of the pair to the area of $57,000 was observed tonight (the volume of purchases was less than the average level).
During the day, one should expect a continuation of the decline below the support of 78.6% fibonacci. Bears can seek to retest the level of $53,400.
Bitcoin is trading at $57,280 at press time.
ETH/USD
By the end of the day yesterday, the bears pushed the Ethereum (ETH) price back to the level of $4,000. The daily low is set at $4,024.
Over the past night, with decreasing volumes, the pair recovered to the area of $4,100. Today the bearish pressure may intensify and the price might break through the psychological level of $4,000.
In the near future, one can expect an update of the monthly minimum in the support area of $3,800.
SOL/USD
Solana (SOL) is located in the red zone, going down by 2.76% over the last day.
Solana (SOL) is trying to consolidate around the area of $220. The trading volume is low, which means that sideways trading remains the more likely scenario for the upcoming days. In this case, the altcoin may keep trading around $200.
SOL is trading at $216.73 at press time.
AVAX/USD
Avalanche (AVAX) is even more of a loser with a decline of almost 4%.
Despite the fall, Avalanche (AVAX) remains trading above the vital support line at $129.94, which means that the fall might be just a correction so bulls can gain more power for continued growth. If such a scenario comes true, there are high chances of seeing the test of the $140 zone soon.
AVAX is trading at $130.58 at press time.
Yuri Molchan
Mushumir Butt
Arman Shirinyan
