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BTC, SOL and AVAX Price Analysis for July 11

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Mon, 11/07/2022 - 16:14
BTC, SOL and AVAX Price Analysis for July 11
Cover image via www.tradingview.com

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The new week has started with the fall of the cryptocurrency market as the majority of the coins are in the red zone.

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BTC/USD chart by TradingView
BTC/USD chart by TradingView

BTC/USD

The price of Bitcoin (BTC) has declined by 2.55% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) has continued the fall after yesterday's bullish candle and breakout of the local support level at $20,895. The selling volume remains low; however, if bears keep their pressure, there is a chance to see a further drop below the vital zone of $20,000. Such a scenario is relevant until the end of the week.

Bitcoin is trading at $20,395 at press time.

SOL/USD

Solana (SOL) is the biggest loser today as it has decreased by 4.72%.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

Despite today's drop, Solana (SOL) is trading in the middle of the wide channel between the support level at $26.05 and the resistance at $44.87. At the moment, bears seem to be more powerful than bulls as the price could not fix above the $40 mark. If SOL loses another level at $30, one can expect the test of $20 soon.

SOL is trading at $34.87 at press time.

AVAX/USD

Avalanche (AVAX) has followed the decline of the whole market, going down by 4.34%.

AVAX/USD chart by TradingView
AVAX/USD chart by TradingView

Avalanche (AVAX) is looking similar to SOL as the sideways trading remains the more likely scenario for the upcoming days. However, if the daily candle fixes near the $18 mark or below it, bears have chances to seize the initiative.

AVAX is trading at $18.18 at press time.

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