Most cryptocurrencies fall back to their one-year-low and fluctuated in a narrow range over the past week. We can find that US stocks, which are also risky assets, fell back to the previous low, but its bulls are more dynamic than BTC in the same time last week. So it may take a long time for the crypto-market to restore bullish confidence after the LUNA event.
SOL is back in the bearish channel. While part of the reason is that previous declines have remained destructive, so a return to the bearish channel is not difficult, but this process still makes sense. This is also why SOL’s bears have been weaker than BTC’s this week, and the price has not retested the given support level (the green dashed line). In terms of details, the performances of bulls and bears this week are both weak, which is in line with the process of recovering after the dumping.
Conclusion: Mostly fluctuation. Due to the narrowing of volatility, we lowered the resistance level and the new range is (44,59). The performance of SOL this week is better than that of BTC, but whether it can over-perform through the relative strength of one week is not yet conclusive.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
SOL is back in the bearish channel. While part of the reason is that previous declines have remained destructive, so a return to the bearish channel is not difficult, but this process still makes sense. This is also why SOL’s bears have been weaker than BTC’s this week, and the price has not retested the given support level (the green dashed line). In terms of details, the performances of bulls and bears this week are both weak, which is in line with the process of recovering after the dumping.
Conclusion: Mostly fluctuation. Due to the narrowing of volatility, we lowered the resistance level and the new range is (44,59). The performance of SOL this week is better than that of BTC, but whether it can over-perform through the relative strength of one week is not yet conclusive.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
