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Most cryptocurrencies on the market have suffered losses in the previous 24 hours as values have plummeted dramatically. Even the world’s largest cryptocurrency was unable to withstand the plunge. While the whole market’s 24-hour trading volume increased by 33%, Bitcoin’s market capitalisation decreased by 3.4 percent. Litecoin followed suit, with its price falling by 18%. Solana, on the other hand, was untouched by these market patterns and maintained a positive attitude throughout the week.
Bitcoin [ BTC ] :-
Because of the market’s continual volatility, Bitcoin HODLers have grown extremely cautious. Between June 4 and press time, the coin’s price fell 14.2 percent to $33,523. Since June 4, the Relative Strength Index has also been moving in the negative direction. The purple indicator slipped into the oversold range in the previous 36 hours, but some buying pressure pulled it back up to 43.1 at press time.
At the time of writing, the Bollinger Bands were still widely separated, indicating strong active volatility. The Squeeze Momentum Indicator revealed that BTC had been in a squeeze release (white dots) for the previous 36 hours, and negative pressure could be observed retreating owing to the presence of a dark red bar at the time of writing.
At the time of publication, the previous support level of $33,785 has turned into an active resistance level. While this may be transitory, a safer support level of $30,150 should be kept in mind to guarantee minimal losses if BTC falls lower.
Litecoin [ LTC ] :-
The majority of Litecoin’s movement was sideways. However, LTC went below the previous support level of $158 and was trading at $157.41 at the time of publication. Because of the coin’s somewhat less volatile movement, the MACD indicator has remained stabilised near the neutral line since the beginning of this month. Bearish crossover could be seen in the past 24 hours, but at the time of writing, the blue indicator line and the red signal line were practically aligned.
In the previous 48 hours, parabolic SAR has shown a severe decrease. Because the white dotted line was still considerably above the candlesticks, the downtrend may last a lot longer. The increasing Average Directional Index supported this (ADX). The red line has passed the 25.0 mark, and its highly directed movement indicates a greater active downturn at this time.
As a result of the price decline, a temporary resistance level of $185.50 was formed, and a new support level of $145 was formed. If prices continue to decline, the next level of support will be around $131.3.
Solana [ SOL ] :-
Despite SOL’s massive 14% drop on June 8, the coin made a quick recovery to trade at $42.1 at press time. However, as a result of heavy purchasing, the currency has converted its previous $33.5 resistance level into an active support level. The revelation that Solana had raised $300 million to 450 million in investment to become the largest Dapp magnet sparked this campaign. On June 8, the purple line of the Relative Strength Index (RSI) slipped from bullish territory; purchasing pressure pushed the indicator over the neutral line at 60.5.
At the time of writing, Chaikin Money Flow showed significant capital inflows. Finally, Simple Moving Averages (SMAs) showed encouraging indicators for SOL, with both the 50 SMA (orange) and 100 SMA (red) lines remaining below the candlesticks.