Bitcoin rallied over the past week after falling to the $26k support level. The cryptocurrency is now attempting to hold on to the 21 daily EMA as support. Market sentiment remains neutral, but the constant battles with the 21 EMA on the 1h and 4h time frames serve as evidence of the market dominance of derivatives traders in the current period. Significantly, Bitcoin continues to remain above the 21 weekly EMA, which remains a critical level on the macro time frame.
Solana (SOL) has continued to hold the 21 weekly EMA as resistance and has been tussling with this important level since January of this year. It also seems to be holding the same level on the daily chart as support, for the first time in May. After its price rise in January, it appears to be forming an extended accumulation pattern in the market, while a breakout would only be confirmed if it exits the $20-26 price channel.
In recent weeks, Polygon (MATIC) has fallen below the 21 EMA on the weekly chart and has held it as resistance. It has managed to hold support over the $0.85 price level, after registering lower highs and lower lows on the daily chart during a downtrend that began in February this year. It has previously attempted to reclaim support over the 21 daily EMA without achieving it, and it is currently bidding to do the same. Traders and investors would be attentive to any potential success in its current endeavour.
Chainlink (LINK) has maintained its market structure on the macro time frame, despite breaking below the 21 EMA on the weekly chart and holding it as resistance. It has established recent support over the $6.25 price level, and should the bulls gain momentum, they would be targeting the 200 daily MA, which represents a critical level for the decentralized blockchain oracle network in the charts.
Stay tuned for weekly updates on the cryptonews and performance of major tokens and coins.
