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Solana (SOL) Plunges Over 13% – Will It Bounce Back?

Solana is facing its share of the bearish sentiment in the cryptocurrency market today. SOL has held above $20 since it jumped from $18 to $24 on January 14. 

However, the coin has seen a drop of 12.54% in price in the last seven days. Now, investors wonder if there are any signs of recovery.

Crypto Market Plunge Affects Solana

After the collapse of Alameda Research and FTX last year, SOL price joined the trend of price losses in the market. The Solana blockchain raised funds from FTX and Alameda Research, the trading firm of FTX former CEO, Sam Bankman-Fried.

However, when Binance withdrew from its planned takeover of the exchange, it spooked many investors as it meant the termination of support for Solana.

Following the incident, many key investors pulled out from the Solana blockchain. This action led to a drastic drop in price, leaving SOL to struggle. However, the asset started recovering in 2023. It started the year at $9.9610 but gradually climbed, recording rallies and pullbacks until it hit $25 on January 21 before retracing. 

The past weeks were eventful for SOL, as it touched a significant high of $24.7 (April 15). But recently, Solana’s price has also been facing challenges as the crypto markets portray several signs of fear due to the threat of economic recession. 

At the time of writing, Solana’s price stands at $21.33, indicating a drastic plunge in price by over 13% in the past week, compared to its past week’s performance.

Solana (SOL) Plunges by Over 13%, Will It Bounce Back?

For instance, on January 10, 2023, Solana enjoyed a 12% price increase after the blockchain’s Shiba-Inu-themed token, BONK, launched.

If another development or event occurs on the Solana blockchain, there could be a possible recovery for the asset.

$19.8 Support Critical To Halt SOL’s Downtrend

SOL is in a downtrend today, losing most of its gains in the past week. The asset has declined to the $21 price level as the bears seize market control. 

Solana is trading a bearish signal below its 50-day Simple Moving Average (SMA). However, it remains above its 200-day SMA, sparking hope of a long-term revival.

SOL’s Relative Strength Index (RSI) is 44.61, confirming the bearish trend. Notably, the indicator moves sideways, reflecting trader indecision in today’s market.

SOL’s trading volume is down by over 26% today, thus halting its price gains. Solana’s support levels are $14.96 and $19.87. Also, its resistance levels are $23.99, $26.04, $29.79, and $30. 

Solana will likely drop below $20 in the short term. However, the $19.87 support level will prove critical to the asset and could be the pivot point for an uptrend if the bulls prevail.

Featured image from Pixabay and chart from Tradingview

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Polkadot (DOT) Price Slumps Below $6 – Any Chances For Reversal?

The price of Polkadot (DOT) has been gradually moving south over the past few days. The price decline cuts across the entire crypto market, with strong signs of bears. The cumulative market cap has dropped by 2.58% to sit at $1.25 trillion in 24 hours.

DOT has finally lost its grip on the $6 region as the bears became aggressive on the token over the past 24 hours. The market is wondering if Polkadot still has a chance to reverse the downtrend.

Polkadot Price Drops Drastically With Prevailing Bearish Trend  

The past few days seem to be turning out more negatively for DOT. The asset hovered between $6.1 and $6.9 last week except on April 21, when it dipped. 

Currently, the 60-day and 90-day price action for Polkadot shows negative values of 4.45% and 5.36%, respectively. Also, DOT dipped by 12.46% over the past 7 days.

After losing its hold on the price level of $7 in February, DOT has maintained a trading price within the $6 region. As of April 21, the price of DOT dropped to its resistance point of $5.8 before correcting. 

However, the price analysis of DOT for the past 24 hours shows the token is gradually going down again within the past few hours. 

At the time of writing, DOT is trading at $5.921, indicating a slight reversal after plunging. The bearish push on DOT from the past few days has spilled over to the weekend.

Polkadot (DOT) Price Slumps Below $6 Mark, Any Chances For Reversal?

The crypto market is undergoing a bearish trend, with most crypto assets battling for price stability. Polkadot is included in the market performance. Hence, the selling pressure for the token has exceeded its buying pressure, forcing the price of DOT below the $6 region.

Bears Push DOT Below $6

After three consecutive red days, DOT has formed a green candle on the price chart. However, the bears are still in control as they struggle to reclaim past price levels. 

DOT has dropped below its 50-day and 200-day Simple Moving Averages (SMA), indicating a bearish sentiment in the short and long term.

DOT’s support levels are $5.15 and $5.75. A decline below its support will bring further price fall. Also, the resistance levels are $6.71 and $7.89. However, the $6 price level has transformed into a psychological resistance level.

The Relative Strength Index (RSI) indicator is 39.74, close to the oversold region of 30. However, the indicator points upwards, suggesting a bullish reversal in the short term.

DOT’s indicators are mostly bearish. Its next price action depends on traders’ decisions in the coming weeks. Further drop into the oversold region will likely lead to a trend reversal at the $5.75 support level.

Featured image from Pixabay and chart from Tradingview

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BONE Surges 8.3% As OKX Amasses 1.71 Million BONE Tokens In Single Day

While the crypto market appears to be in decline, Bone Shibaswap (BONE), the Shibaswap ecosystem’s governance token, has been on the rise. As of this writing, the price of Bone Shibaswap has ballooned to an impressive 8.3% in the past 24 hours, according to CoinGecko data.

However, a broader look at BONE’s market performance indicates an underwhelming run in the past month. The meme token has experienced a 16.8% price drop in the last 30 days.

OKX Becomes 13th Biggest BONE Holder

Without a doubt, the price rise of Bone Shibaswap is reflective of recent market activity. On-chain data from Etherscan.io reveals that OKX, a prominent cryptocurrency exchange, has acquired a staggering 1,900,736.16586897 BONE tokens (equivalent to $1,788,547.11 ) in the past 24 hours.

This acquisition, executed via multiple transactions, pushed OKX to 13th place on the list of largest BONE holders. OKX is not the only exchange on this list, as Singapore-based firms Crypto.com and MEXC Global are also members of the exclusive club.

The buying spree kicked off after OKX launched a voting event on Friday, April 21st, inviting users to vote for the meme project they would like to see listed on the exchange. The voting event features five of the most popular meme tokens, including AIDOGE, BONE, BONK, OPTI, and PEPE. 

OKX also declared its intention to list the three tokens with the highest number of votes. The voting event will end at exactly 06:00 am UTC on April 24th, 2023. Results are to be announced on the same day at 10:00 am UTC.

If OKX does list BONE on its exchange, it will be the coin’s biggest exchange listing ever. Of course, as has been exhibited in the past 24 hours, this would have an impact on the value of Bone Shibaswap. Other prominent exchanges to have listed the token include Crypto.com, Gate.io, Bitget, Bing, and BTCEX.

Time To Buy The Dip?

Going by the coin’s movement in the past, BONE surged to new heights when listed by a crypto exchange. However, it is worth noting that these price increases were short-lived, as is often the case in the market these days.

For example, after the cryptocurrency was listed on Crypto.com in early March, it rallied a 14.8% increase in a few days. By the end of March, the token price had plummeted by a disappointing 30.9%.

According to CoinCodex price prediction, the current sentiment for Bone Shibaswap is bearish, with the token expected to lose 6.99% of its current value in five days. Meanwhile, the coin is projected to lose an additional 40% over the next month. That said, this information should not be relied upon as investment advice.

BONE is currently priced at $0.945, with a daily trading volume of $4,888,630.

BONE

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Celer Network (CELR) Soars 11% Amidst General Bearish Trend

Celer Network (CELR) is currently experiencing a market pump amidst a general crypto fall. In a week in which several assets have bled with significant losses, CELR has repaid investors’ confidence gaining 10.8% in the last seven days.

According to more data from Coingecko, CELR has gained by 26.3% in the last two weeks representing a far better market performance than market giants Bitcoin (BTC), and Ethereum (ETH), within the same period.

However, it must be said that CELR is a long way from its market price as of this time last year, with a staggering 44.4% decline from its year-to-date value. 

That said, much of CELR’s price growth in the past week has been driven by a series of announcements by the project, sparking excitement among the user community and increasing traction on the network. 

At press time, CELR is trading around $0.0264, having gone up by 3.2% in the last 24 hours. Based on more data from Coingecko, the ERC-20 token has a daily trading volume of $60.67 million and a total market cap of $149.65 million.

Celer Network

Celer Announces Expansion of zkSync Coverage 

For most investors, it is little to no surprise that Celer has managed to stay above the waters during this crypto storm, as the blockchain network has recorded various exciting developments in the last few weeks. 

On April 19, Celer Network announced the expansion of its support for the zkSync Network. According to Celer’s Twitter post, users can now utilize the cBridge, the network’s multi-chain cross-layer asset bridge, to bridge ETH and USDC between the zkSync Era network and over 10 other blockchains, including Ethereum, BNB Chain, Avalanche, Polygon, etc. 

The zkSync project is a layer-two scaling solution designed to scale operations on the Ethereum network using zero-knowledge (zk) technology. It is currently one of the nascent and most exciting technologies in the crypto space following the launch of its Alpha Mainnet last month.

Other Developments On The Celer Network

In addition to the expansion of its zkSync coverage, Celer Network also unveiled its collaboration with Polygon as one of the initial launch partners of the project’s zkEVM upgrade.

The developer’s team stated that the cBridge would provide support for bridging ETH between Polygon zkEVM and other networks, including Ethereum, Fantom, Optimism, Arbitrum, BNB Chain, Avalanche, and the Polygon Mainnet. 

Meanwhile, BitGo, one of the most popular names in the crypto space, also announced support for CELR this week. BitGo is a leading digital asset security and custody company with over 1,500 institutional clients in 50 countries, including top cryptocurrency exchanges, trading platforms, regulated entities, etc.

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Bitcoin Price Analysis: Is A Retracement To $25,000 Likely?

Despite the relative performance of altcoins in 2023, Bitcoin has seen a significant 75% bullish rally since the beginning of the year. However, Bitcoin’s price has been unable to surpass the resistance level of $30,000 for a week, and this has stirred a technical belief that there is a possibility of a retracement streak toward the medium-term support level of $25,000.

Is Bitcoin’s Rally Losing Steam At $30,000? 

The annual upward movement in the price of Bitcoin, fueled by the banking crisis in March, may be hitting a roadblock at the $30,000 resistance level. To assess the underlying dynamics of BTC, we need to look at an extended chart, which provides a longer-term perspective spanning several weeks.

Bitcoin weekly chart shows a steep decline from $30.000 to $27,000: source @TradingView

Historically, the bullish reversals in this time frame have shown a well-defined chart structure, with phases of bullish impulses followed by periods of sideways transitions.

Related Reading: Ethereum (ETH) Drops 11%, Sheds All Gains From Shanghai Rally

The recent bullish reversal in the last quarter of 2022, followed by the rebound from $20,000 that kickstarted the current rally, was preceded by a notable bullish momentum divergence (as indicated by the RSI technical indicator) from the oversold zone.

Bitcoin Could Hit The $25,000 Support Level In Coming Days

The RSI indicator has entered the technical overbought zone as BTC approached the $30,000 resistance level. The overall chart pattern resembles that of August 2020, which saw a retracement from $12,000 to $9,500 before the subsequent bull run starting in October 2020.

Bitcoin price appears to be heading for a major price correction: source @tradingview

Considering chartist probabilities, the scenario of a retracement towards the major support at $25,000 has gained in probability. Therefore, preserving the $25,000 support level would be a key factor in invalidating the bullish trend in 2023. This retracement scenario could be triggered by a break of the short-term support at $28,800; the upper part of the bearish gap opened on Monday, June 13, 2022.

Related Reading: China Is Fast Losing Money: Their Bitcoin Stash Just Fell By $388 Million

The market is on a precarious edge following a significant session of long position liquidations. To avoid a potential return to $25,000, the market would need to bounce convincingly off the $28,800 level and break above the intermediate resistance at $29,500 to signal renewed bullish momentum. The situation remains fluid, and further price action will provide more insights into the direction of BTC’s price movement.

The Impact Of Interest Rates And US Dollar On Bitcoin’s Technical Analysis 

Bitcoin is currently at a crucial chart juncture, and the market is expected to decide in the coming hours. This decision is likely to be influenced by two key factors from the inter-asset class dynamics: the trend of market interest rates and the behavior of the US dollar on the Forex, which has returned to its annual low and is acting as a support level. 

US Dollar Index is currently hovering around a yearly low price: source @TradingView

If there is a continuation of the rebound in rates and a breakout of support on the US dollar, it may negatively impact Bitcoin’s price and increase the likelihood of a decline toward $25,000. On the other hand, if there is a cessation of the rebound in rates and the US dollar support level holds, it may counter the scenario of a decline toward $25,000. The market will ultimately determine which direction Bitcoin takes.

(This is not financial advice and is the observation of the author. Featured Image from iStock, charts from TradingView.com)

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Ethereum (ETH) Drops 11%, Sheds All Gains From Shanghai Rally

Ethereum, the world’s second-largest cryptocurrency, has seen its recent rally come to a screeching halt as Ethereum (ETH) has erased all of its gains in the wake of the highly anticipated Shanghai upgrade. 

While many had high hopes for this upgrade, which promised to improve the network’s speed and scalability, the market seems to have reacted negatively to the news. 

This sudden drop in price has left investors wondering what the future holds for Ethereum, and whether or not it can recover from this setback.

Crypto Market Downturn Drags Ethereum Lower

At the time of writing, the price of Ethereum stands at $1,860.72 according to CoinMarketCap, but the past 24 hours have not been kind to the cryptocurrency, as it has seen a slump of 4.05%. 

The past week has been even more unforgiving, with Ethereum experiencing a significant drop of 11.02%. The once high-flying cryptocurrency is now left to wonder what caused this downturn and whether it can regain its vigor in the days and weeks ahead.

In recent days, the cryptocurrency markets have been displaying signs of fragility, largely due to anxieties about persistently high inflation, fluctuations in the stock market, and the looming threat of an economic recession, which have all contributed to dragging prices downward. 

Against this backdrop, Ethereum has been experiencing a steady decline since Tuesday, a trend that has been mirrored in the wider cryptocurrency market. 

Bitcoin, for instance, has suffered a drop of over 3% in the past 24 hours alone and has fallen by more than 10% from its recent peak above $30,000, currently trading at just around $27,346.

ETH Price False Breakout Of Local Support Level: Potential Bounce-Back?

Despite a recent fall, the price of ETH experienced a false breakout of the local support level at $1,896. However, a daily closure far from the $1,900 mark may trigger a bounce back toward the $1,920-$1,930 zone tomorrow.

On a larger time frame, the situation for Ethereum remains bearish, with the bar on the verge of closing below yesterday’s low at $1,913.60. If this happens, there is a high likelihood of further decline towards the next significant support level at $1,846, a scenario that may play out until the end of the week.

Looking ahead from a midterm perspective, Ethereum’s price has retreated to the middle of a wide channel, with sellers taking control as the price remains below the crucial $2,000 mark. 

This indicates that the cryptocurrency may face continued pressure and struggle to regain its bullish momentum.

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