Overview
Chart #1 - Solana (SOLUSDT) 12-Hour
Chart #2 - Akash Network (AKTUSDT) 4-Hour
Chart #3 - Ethereum (ETHUSD) Daily
Chart #4 - Fantom (FTMUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - Solana (SOLUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last two weeks, SOL has been undergoing a correction and could retrace further to test support at $85, or even the next area of support at $75 - $80.
Iβll be looking for a long trade opportunity in that area, provided the price tests it and holds it.
But, if it breaks through the $105 - $110 level of resistance on a higher time frame, the next one is up at $140 - $150.
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Chart #2 - Akash Network (AKTUSDT) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
Despite the fear instilled in the market by yesterday's price action, AKT is holding strong and pushing to new All-Time Highs.
All previous retracements have not fallen below the 0.382 level on the Fibonacci, indicating strength and momentum. The current support level is at $3.00, and its market cap, at $715 million, has been consistently rising since last October (and is currently outperforming Bitcoin).
Breaking above $3.25, we will see new ATHs, while the RSI rising from the 50 area means that there is still room for further upward movement.
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Chart #3 - Ethereum (ETHUSD) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
Ethereum is once again tapping the resistance level of $2,400 while building a healthy and strong uptrend at an angle of approximately 45 degrees.
If it manages to break above, the next expected level of resistance is at $2,900. On the other hand, if it loses the $2,200 bottom range, then the next support level is in the $1,500 area.
For those looking to trade on the upside, it's crucial to ensure that ETH not only breaks but also holds above the $2,400 level.
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Chart #4 - Fantom (FTMUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
FTM, like most alts, has retraced over the last two weeks, dropping from $0.55 to $0.3750.
But there is a very strong area of support between $0.35 - $0.40.
The price is oversold and if it can consolidate in this support area and the market remains bullish, I would expect it to test $0.45 - $0.475.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 73 today, indicating Greed.
The highest the index has been over the past seven days is 76, and the lowest is 68.
Banterβs Take
Yesterday's price action is likely to instill fear in the markets today, leading to an expected drop in Bitcoin Dominance. Pay close attention to Bitcoin's price, especially if it falls under $44,500 and enters a range; wait for it to settle before planning your next trade.
Stay safe my friends!
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