248 Interactions, 4 today
Solana’s breakout over its sloping trendline spurred heavy buying, and a break above $49.6 could spark an extended rally. THETA stayed between $12.4 and $8.4, with technical indicators indicating a lack of a solid trend. Finally, MATIC appeared to be due for a correction before resuming its northbound course.
A split over the upper sloping trendline resulted in 14 percent losses, as Solana was very bullish at the time of publishing. Since the breakout happened on high levels, SOL made a good case for an upward trajectory, but there was some resistance around $49.6. A move beyond this upper limit could lead to an extended buy scenario.
The RSI was trading in the bullish zone about 60, whilst the MACD line was closing in on the Signal line. A strong crossover could lead to another bull run in the future. Consolidation is possible if a jump beyond the $49.6-resistance is refused.
THETA has mostly traded in the $12.4-8.4 range since the beginning of May. Meanwhile, as the market has become less directional, ADX has steadily rendered lower lows. At the time of publication, the ADX was hovering around 17 and indicating a slow trend. Sharp swings have been unusual since trading rates have been muted across markets since mid-April.
The MACD oscillated below the half-line as THETA fell below its 20-SMA (blue) and 50-SMA (yellow) on a regular basis. In the event of another breakdown, support thresholds remained at $6.4 and $4.8. A drop towards the latter level could provide long-term traders with buy opportunities.
MATIC traded above the 161.8 percent Fibonacci Extension mark on the 4-hour chart, indicating any selling volume. However, expectations listed in a previous report were yet to be met, and a 14% drop in trading volumes signalling a deterioration.
The RSI established two lower peaks and pushed south from overbought territory, indicating a bearish divergence with the market. Pullbacks can be countered at $1.54 or $1.3, but a better purchase zone can be found at $1.0, close to the 50-SMA (yellow). MACD was approaching a bearish crossover, implying that MATIC’s remarkable bull run was coming to an end.