Armand Sirignan
Bitcoin could collapse dramatically and cause serious problems
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Bitcoin's roller coaster has plunged further, dropping below the $60,000 level and spooking the market. This recent decline has pushed the cryptocurrency into $58,000 territory, a move the market least expected. The break above $60,000, which many considered a solid support level, has caused some panic.
While this ominous development may have seemed like a dark cloud, there is a silver lining that crypto enthusiasts are keeping an eye on the calendar. It's Bitcoin's halving. The event, scheduled for around April 20th, is historically known for shaking up markets in unexpected ways. The halving could tighten supply and cause the pendulum to swing back toward higher prices.
If we look at the chart with a magnifying glass, we can see that Bitcoin's next support test is at $58,572, just a stone's throw from its current position. Failure to hold this line could result in a continued decline towards the next safety net area at $50,319.
But don't write off Bitcoin just yet. If the stock rebounds and breaks through the $60,000 ceiling again, it may just return to its recent comfort zone. The first sign of a recovery will be a rally above this important level, after which the focus will be on the $68,789 marker, a strong resistance level that could block the path to previous highs. Masu.
Farewell to Ethereum
Ethereum’s drop below $3,000 is not just a number, it’s a signal. This shows that the confidence that had been driving prices up is waning. This decline has been steep enough to make even the most ardent supporters a little nervous about what will happen next.
We discovered several levels that tell us where things are going. Currently, Ethereum is testing levels below the $3,000 line. If it does not rise soon, the next floor could be around $2,800, and this point could provide resistance to the downside. If Ethereum has any chance of bouncing back up, watch out for the $3,200 ceiling. This is the next battle to win for any hope of recovery.
There is a real possibility that ETH will continue to fall, especially if it does not rise above $3,000 soon. However, it is too early to count it as the half-life is approaching. A surge in inflows into the market could turn the tide in the bulls' favor sooner than expected.
Solana remains repressed
Cryptocurrency Solana, which is on many investors’ watch lists, is showing signs of strain. After a period of growth, SOL has slipped through a strong support level around $130 and now people are getting worried. If the price continues to fall and falls below $100, we could be in big trouble.
Key indicators such as the RSI and moving averages that many traders hope will signal a recovery have been breached. Currently, Solana is struggling to find the right footing for its price point.
The situation looks tense. The $130 support is now a thing of the past and the next checkpoint is $100.
But not all hope is lost. There is still a chance for a turnaround. If Solana manages to rebound and break through the resistance levels, especially around $150, growth could be on the horizon, and it could act as a ladder to climb out of its current position.
Solana's future is not set in stone. If it finds strength and moves above these resistance levels, it could regain its previous momentum. However, if the decline continues, a drop below $100 could be a harsh reality check for the coin and its investors.
About the author
Armand Sirignan
