The market seems to be more crashing during this week. Bitcoin is much more volatile than normally it is. Price almost hit its major support level of $30,000 – $31,000. Blue chips coins didn’t show much gains as compared to NFT based coins. On-chain data suggest long-term holders accumulated a huge amount of Bitcoin. This accumulation might take another month to end up.
BNB
BNB just broke its Higher low and started forming lower low. Price is also trading under 50 period EMA, which does not look good. BNB tried multiple times to hold above the level of $305 – $314.
BNB is falling after testing the resistance zone and there’s a small bull flag forming at the level. If the price breaks above the bull flag, we can see, BNB rally to around $375. Another aspect can be, BNB continues to fall till its demand level is around $255 – $ 265.
ADA
ADA is also running below 50 period EMA, currently broken its local support and liquidity area. ADA failed to hold above the resistance level after a couple of tries.
Now, there’s a high probability of the price reaching it major support level around $1.00 – $1.02. RSI also seems to be making divergence in price, in small TF (Timeframe). We can expect a small pull back to the local resistance line.
DOGE
No significant structure is forming rather than strong bearish moves. DOGE also heavily trending below the 50 period EMA and about to reach its support area. This support area does not seem to be strong enough to hold the level. RSI is also bouncing around its oversold area, with a divergence, which might be a reason for a small push in price.
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