Bitcoin price was rejected at $21,600. The $21,500 and $23,200 levels were strong resistance levels and Bitcoin failed at the initial resistance. This triggered a dip in the altcoin market as well. wither (LEFT) High as high as $39 but again lowering. It found some support at the $33.8 and $31.8 levels. So can buyers defend these levels?
Solana One-Hour Price Chart
Koinfinans.com As we mentioned, Last week, $36 and $25.86 were key highs and lows (with white dots) to watch out for. In the past few days, the swing high was broken to show that the uptrend could be started.
This bullish market structure break was followed by a higher low formed at $33.78 (orange) and a push towards the $41 resistance. However, this move failed to clear the $39 mark.
At the time of writing the news, the price had once again dropped to the $34 area. A close below $33.78 could result in more declines and a test of the $31.8 support level.
The RSI declined below the neutral 50 line as the price dropped below $36 and retested the neutral 50 as resistance. On parallel lines, the OBV has also dropped below the trendline support of the last two days. This means that selling pressure has increased in the last trading hours.
The RSI also dropped below the 40 mark, which indicates strong bearish pressure. However, we would like to remind you once again that this happens on the hourly chart. Higher timeframes indicate that the momentum is not yet bearish.
As a result, the market structure somewhat maintained its upward trend. Even though the $36 level has been broken, the previous high of $33.78 is still in play. Until a daily close below this level, LEFT priceIt may be possible for the coin to recover and take another step towards $40.
On the other hand, the $19,800 level is a strong support level for Bitcoin. If Bitcoin drops below this level, Solana could also move down.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.