Crypto Chart of The Week - Analyst’s Pick

The crypto market remains in a corrective phase, and at this stage, it is difficult to predict whether the correction provides an opportunity to buy cheaper or if it may transition into a downtrend. As part of the correction, the price of SOL/USD reached the $125.00 support level, from which it bounced back to the $160.00 resistance. However, this rise was used for buying, and now the coin is trading below the 100-day SMA again, suggesting a continuation of the downward momentum and a retest of the aforementioned support at least. Thus, sales in the current direction seem quite logical, but the proximity of support poses certain risks for short positions. In case of a decline to support, a rebound upwards is possible, and in case of its breakout, a decrease in the price of SOLANA toward $110.00-100.00 is possible. If the  $145.00-150.00 resistance is broken, bulls may test $160.00-170.00.

In the cryptocurrency market, the rally has stalled, and even Bitcoin's halving failed to spur sufficient demand for BTC to reach or even revisit its highs. Amidst the liquidation of long positions, Bitcoin Cash also remains vulnerable, having dropped to 450.00 support. Nonetheless, bulls managed to break the local 490.00 resistance and climb to the level of 520.00. Hence, the coin confidently trades above the ascending support line and has risen above the 20 and 50-day moving averages. This indicates a resumption of growth and testing 560.00 resistance at the very least, while in the event of Bitcoin's decline, BCH/USD may break support and continue its correction toward 400.00. In the event of breakout of the support, consider the possibility of selling.