Bitcoin has its price actions beyond the support of $39.5K, changing hands near $40,203.20 at this publication. The world’s largest crypto appears weak and more downtrends in the coming few days would translate to dips in the alt marketplace. Solana and Terra traded inside a near-term range. However, SOL exhibited more bullishness.
Terra (LUNA)
As highlighted above, LUNA has traded in a near-term range over the previous four days. The range highs and lows stand at $89.1 and $80.7, respectively. LUNA presented an upward stance, hovering at $82.31 while writing this article.
The Relative Strength index swayed inside a bearish territory, reading at 41. However, the indicator seemed ready to break past neutral 50 in the coming few hours, a lucrative signal for Terra bulls. Nevertheless, that war a range, and market players would book profits at $88 – $90. The on-balance volume has maintained downtrends for almost ten days and appeared ready for further drops.
Solana (SOL)
Solana has had its price reactions inside the $98 to $108 range over the previous three days. Moreover, analysts observed a potential descending triangle setup. Thus, breaking beyond the descending trend-line resistance and the resistance at $108 would signal a short-term bullish trend.
The Relative Strength index neared a cross beyond the 50-neutral. Nevertheless, the Chaikin Money Flows remained well beneath -0.05, showing selling momentum dominating the Solana marketplace.
Shiba Inu (SHIB)
Shiba Inu has traded within the confines of $0.000025 – $0.00002775, nearly a 10% difference from its lows. The CVD remained somewhat flat as it shifted from selling to buying pressure but was yet to display substantial pressure from either regime (sellers or buyers) over the past few days.
Also, the Awesome Oscillator (AO) was relatively flat, though it remained below the zero line, displaying bearish strength.
On the other side, the Fibonacci retracement area shows multiple support floors under the range lows. These footholds may witness bullish reactions, welcoming upswings. However, broad market sentiment is crucial for upcoming price movements.
The crypto market extended bearish actions towards the weekend. The overall market cap gained 1. 87% at this publication, standing at $1. 87 trillion.
