An analysis of the Bitcoin/USDT 1-hour chart reveals that the dominant cryptocurrency is currently trading in proximity to its 200-day Moving Average (MA). The Relative Strength Index (RSI) reading of 41.91 suggests that bears are attempting to establish market dominance. Additionally, the Average True Range (ATR) of Bitcoin is displayed at 158.23, further emphasizing market volatility.
Furthermore, after an extended period of consolidation, the digital asset appears to have finally breached its 200-day Moving Average to the downside. Nevertheless, numerous crypto analysts are anticipating a retest of the previous resistance level at $25,000 for Bitcoin. Should this price level be retested, it is speculated that a significant sell-off could ensue.
The chart above depicts an evaluation of Ethereum, the second largest cryptocurrency by market capitalization. Currently, the cryptocurrency is trading near its 1-hour support level at a price point of $1,540. The Relative Strength Index (RSI) is exhibiting a bearish slope with a reading of 42.89. However, the Bull Bear Power Indicator displays a positive value of 8.76, indicating that bulls are currently exerting control over the market.
Additionally, Ethereum has violated its 200-day Moving Average and is now trading beneath it, suggesting that sellers are attempting to break the current support level. If this support level fails, it is projected that Ethereum will experience a price decline towards $1450.
Lastly, the third and the most well-known cryptocurrency for the NFT collects, Solana 1-hour chart is displayed above. Solana is also following the patterns of the major cryptocurrencies, Bitcoin and Ethereum. Additionally, the Bull Bear Power indicator is shown at a reading of -0.25, meaning that the bears are taking the throne as of now.
But however, if Bitcoin, the dominant cryptocurrency, manages to trigger a bullish trend, it is likely that other cryptocurrencies such as Solana will mirror its movement.
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