Bitcoin, Solana, MATIC Price Movement Analysis for 8th June, 2021

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The decline of Bitcoin around $32,000 has a cascading impact on the worldwide cryptocurrency market. Altcoins like Solana and MATIC appeared to be in free decline as attention switched to various support lines on their respective charts.

Bitcoin [BTC]

Throughout the previous week, the price of Bitcoin has been fragile. The king coin has failed to hold $41,000, $39,500, and, most recently, $38,000. While BTC has been finding higher support levels in the process, a symmetrical triangle breakout would almost certainly tilt the scales in favour of the bears because the preceding trend was bearish. Moving forwards, BTC must find support between $28,000 and $30,000, since a break might set off a chain reaction of more sell-offs. In such a case, a drop approaching $20,000 may become a reality.

As the Fast-moving line went below the Signal line, MACD displayed a bearish crossing. The RSI is approaching the oversold zone, and though a comeback from the bottom zone is possible, it will most likely remain in negative territory. Many believe that recent statements made by former U.S. President Donald Trump against Bitcoin contributed to the most recent sell-off.

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Solana [SOL]

Source: SOL/USD, TradingView

Solana fell along with the larger market and was down 16% in the previous 24 hours. SOL has conceded the 50% Fibonacci barrier ($38.77) to the bears on the 4-hour chart, and selling pressure is expected to push the cryptocurrency below the 38.2 percent barrier ($34.1) as well. A more dependable defence might be found around the 23.6 percent level ($28.32), which previously functioned as a resistance line in mid-April.

After progressively climbing over the previous two weeks, the RSI has dropped below 40. Interestingly, Awesome Oscillator revealed a bearish divergence before the retreat.


Source: MATIC/USD, TradingView

MATIC broke through a strong defensive line at $1.50, and the candlesticks were now below their 4-hour 200-SMA (green). On its 4-hour chart, several areas of assistance were highlighted. The first zone was located between $1.34 and $1.21. MATIC might reach $1 if the retracement is steeper. A demand zone ranging from $0.85 to $0.75 was located just below this location. The intensity of selling pressure was difficult to determine at this stage, therefore it was unclear which level would result in a rebound.

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The RSI indicated that the price was now oversold, but the index may float in this range for a few days until the overall market recovered. According to CMF, capital inflows were poor, adding to MATIC’s troubles.

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