Bitcoin and ETH Near Breakout Zone, SOL Eyes Bullish Break

Key Insights:

• Bitcoin traded below $38,000 before the bulls took a stand.
• Ether (ETH) is attempting a recovery wave above $2,900.
• SOL seems to be forming a base for a rally above $110.

Bitcoin

Yesterday, bitcoin price saw a bearish reaction from the $40,750 resistance zone. There was a sharp decline below the $40,000 support and the 21 simple moving average (H1).

It even traded below the $38,200 support, but the bulls took a stand near $37,800. The price started a decent recovery wave above the $38,200. There was a move above the $39,000 level and the 21 simple moving average (H1).

On the upside, bitcoin is now facing resistance near the $39,300 level (the recent breakdown zone). A clear break above $39,300 could set the pace for another upward move.

Ethereum (ETH)

ETH also followed a similar pattern from the $3,030 resistance zone. There was a clear move below the $2,900 support level and the 21 simple moving average (H1).

It traded as low as $2,770 before there was a recovery wave. The price climbed above the $2,850 level and the 21 simple moving average (H1). It is now attempting a clear move above the $2,900 and $2,910 resistance levels.

If the bulls succeed, the price could rise towards the $3,000 level. Conversely, there could be a fresh decline below the $2,850 support.

Solana (SOL)

SOL started a major decline from the $140 level. It traded below the $120 and $115 support levels to enter a bearish zone.

The price even moved below $100 and the 21-day simple moving average. However, the price found a strong buying interest near the $94-$95 zone. It seems like SOL is now forming a base above the $94 level.

On the upside, an initial resistance is near the $100 level. The first key resistance is near the $102 level and the 21-day simple moving average. There is also a crucial bearish trend line with resistance near $102 on the daily chart.

A close above the trend line resistance and the 21-day simple moving average could set the pace for a move towards the $110 level. The next target for the bulls may perhaps be $120. If there is no upside break, the price could dive below $94.

ADA, BNB, and DOT price

Cardano (ADA) is consolidating losses below the $0.855 level. To start a recovery wave, the price must clear the $0.855 and $0.862 resistance levels.

Binance Coin (BNB) settled below the $400 support. If there is no move back above $400, there is a risk of a drop to $380.

Polkadot (DOT) is struggling to stay above the $17.00 support. A downside break and close below $17.00 could set the pace for a move towards $16.20.

A few trending coins are AVAX, APE, and AR. Out of these, APE is gaining pace above the $19.00 resistance level.