SOLVUSDT - RETEST OF RESISTANCE IN A BEARISH TREND
Symbol - SOLVUSDT
CMP - 0.0430
SOLVUSDT is currently consolidating within a neutral range, which has emerged amid an ongoing downtrend. The cryptocurrency market has swiftly retreated following the news from Sunday. Bitcoin has re-entered the selling zone, falling below the 90K level. A continued decline in Bitcoin could exert downward pressure on the broader market.
SOLV is forming a range between 0.044 and 0.0292, with the price showing signs of strengthening toward the key liquidity and interest zones. Given the prevailing market conditions - including the downtrend, a weak market sentiment, the lack of a strong catalyst, and Bitcoin's decline - it is reasonable to assume that the coin has limited potential for further upward movement. The current price action may result in a false breakout of resistance, followed by a decline.
Resistance levels: 0.0436, 0.0439, 0.0494
Support levels: 0.0369, 0.0345
Considering the daily ATR from the session's open, it is expected that the volatility will be exhausted by the time resistance is reached, leaving little room for a breakout. There is a high probability of a price retracement from the 0.0436-0.0439 range, with the price likely to fall towards the key support zones below.
CMP - 0.0430
SOLVUSDT is currently consolidating within a neutral range, which has emerged amid an ongoing downtrend. The cryptocurrency market has swiftly retreated following the news from Sunday. Bitcoin has re-entered the selling zone, falling below the 90K level. A continued decline in Bitcoin could exert downward pressure on the broader market.
SOLV is forming a range between 0.044 and 0.0292, with the price showing signs of strengthening toward the key liquidity and interest zones. Given the prevailing market conditions - including the downtrend, a weak market sentiment, the lack of a strong catalyst, and Bitcoin's decline - it is reasonable to assume that the coin has limited potential for further upward movement. The current price action may result in a false breakout of resistance, followed by a decline.
Resistance levels: 0.0436, 0.0439, 0.0494
Support levels: 0.0369, 0.0345
Considering the daily ATR from the session's open, it is expected that the volatility will be exhausted by the time resistance is reached, leaving little room for a breakout. There is a high probability of a price retracement from the 0.0436-0.0439 range, with the price likely to fall towards the key support zones below.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.