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Bitcoin, Ethereum, and Solana are three prominent cryptocurrencies in the current market. All three continue to be attractive options for investors and traders, with Ethereum and Solana seeing significant adoption in the DeFi space. Below is the analysis of those 3 major cryptocurrencies in today's market.
BTC/USDT 1-Hour Analysis (Source: TradingView)
The technical chart analysis indicates that Bitcoin is presently trading inside of a rising wedge formation. The cryptocurrency is expected to undergo a reversal should the trend change, which might cause a decrease below its prior order block level of $20,663.26. It is also important to note that the digital asset has been trending upward, trading above its 200-day moving average. The market is now experiencing a moderate amount of volatility as indicated by the relative strength index (RSI), which is currently at 56.70.
ETH/USDT 1-Hour Analysis (Source: TradingView)
Upon examination of the technical data, it is observed that Ethereum exhibits similar patterns to the Bitcoin chart previously presented. Specifically, Ethereum is currently trading within a rising wedge formation. In the event of a trend reversal, it is plausible that Ethereum may experience a decline to its support level of $1,525, following a breach of the order block at $1,558. Additionally, the RSI value of Ethereum is 55.98 and it has been trading above both 200-MA and 50-MA.
SOL/USDT 1-Hour Analysis (Source: TradingView)
The above 1-hour chart of Solana's technical analysis reveals that the digital asset is currently trading within a symmetrical triangle pattern. As such, it is advisable to await a breakout from this formation on either side of the trendline before taking a low-risk position. The support level for Solana is currently at $22.155, while resistance is established at the weak high of $25.055. The relative strength index (RSI) of Solana is at 48.72, indicating a potential accumulation opportunity for investors.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
