Ethereum, MATIC, Solana Price Movement Analysis for June 22nd, 2021

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At press time, the global crypto-market value had dropped by 8.1 percent in 24 hours to 1.31 trillion. Following in the footsteps of Bitcoin, most cryptocurrencies have struggled in the negative zone throughout the weekend. Ethereum and Solana, for example, have both fallen below their respective support levels. MATIC, on the other hand, while moving south, remained above its support.

Ethereum [ETH]

Ethereum, MATIC and Solana Price Analysis: June 22

ETH/USD, TradingView

Ethereum was trading at $1902 at press time, having failed to hold above the $2,250 support barrier. If the currency does not fall any lower, it may encounter resistance at $2055. The second-largest cryptocurrency by market capitalisation fell 27.2 percent in the last week.

ETH’s charts showed a bearish crossing on 15 June, and despite a modest recovery on 20 June, the MACD’s histogram highlighted negative momentum. The Bollinger Bands separated in the early hours of June 21, indicating that market volatility may increase.

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The Chaikin Money Flow was approaching equilibrium, which anticipated an equal quantity of capital outflows and inflows. Unfortunately, at the time of publication, capital outflows marginally outpaced inflows.

MATIC

MATIC exhibited a promising rebound from the 12th to the 15th of June, following the crypto market meltdown. However, it was unable to maintain the same momentum, and prices fell shortly after. However, unlike other altcoins, the alt has not surpassed its critical support level of $1.04 at the time of writing, when MATIC was valued at $1.06.

A small drop in prices would result in MATIC breaking through the $1.04 support level as well. The Bollinger Bands were found to be diverging, indicating that price volatility will be high in the short future.

Finally, the MACD histogram provided bearish indications for the whole week, while the Awesome Oscillator indicated that bearish momentum was growing. Having said that, there were a few scattered positive trading sessions in between.

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Solana [SOL]

SOL broke through the $31 support level in the previous 24 hours and subsequently went through the $24 support level as well. At the time of writing, it was priced at $23.66. The alt had recovered momentarily in the previous 48 hours, but it saw a 24.1 percent drop shortly after.

Over the previous two days, the market has been under severe selling pressure. At the time of publication, the coin had gone below the 30-point level on the Relative Strength Index, indicating that the alt had entered the oversold and undervalued territory.

The Awesome Oscillator indicated that bearish momentum was building on the charts. Finally, the expansion of the Bollinger Bands predicted an increase in market volatility.

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