Bitcoin has been following a consistent pattern lately and managing to stay above the $27k support level and 200 MA on the weekly chart. However, on the 4h chart, it’s struggling to break through the 21 EMA and 200 MA, indicating that it’s in a consolidating phase. Despite this, the overall market structure for Bitcoin is looking good, with low trading volumes due to derivatives traders dominating the market currently.
Solana (SOL) has continued to consolidate over the past several weeks, operating in the $20-26 price region. It’s been trying to break through the 21 EMA on the daily chart, but it’s been a bit of a struggle. However, it did manage to successfully break through the 200 daily MA and turn it into a support level. On the weekly chart, SOL has been trying to break above the 21 EMA but hasn’t been able to hold it as support yet. Despite having strong support levels at $20 and $21, any bullish momentum in the market has proven to be short-lived in recent months.
Polygon (MATIC) is currently facing some challenges in the crypto market. It recently broke through the support zone of $0.95-0.96 after consolidating for two weeks. This happened following a price drop from the mid-April 2023 level of $1.17, which caused it to fall below both the $1 psychological level and the 200 daily MA. If the bearish trend continues, we could see a further drop to the $0.80 price, which represents the next support level for Polygon.
Chainlink (LINK) experienced a significant price rally in mid-April 2023, reaching almost $9 per token. However, things took a bearish turn the next day when a bearish engulfing candle formed on the daily chart, causing the price to fall to the 200 daily MA and beyond. Additionally, the price also dropped below the 21 weekly EMA after a bearish engulfing candle formed on the weekly chart in mid-April, which turned the EMA into a resistance level. Traders and investors are now keeping a close eye on whether the price will drop to the bottom of Chainlink’s long-term price channel. However, there’s still a chance for a sharp upward reversal to occur, and we’ll be watching closely for any signs of that happening.
Stay tuned for weekly updates on the cryptonews and performance of major tokens and coins.