It appears from the 4-hour technical analysis chart above that Bitcoin has risen above its 200-day moving average, which is encouraging for those who are bullish on the cryptocurrency. Despite this positive trend, Bitcoin has thus far been unable to surpass its $25,000 price point, which has resulted in a sustained decline in value.
A noteworthy development is that the coin has reached a feeble high of $25,258 which now serves as a formidable resistance level. A failure to break Bitcoin’s 200-day moving average, which serves as its main support, could cause it to fall back to $21,000.
Additionally, Bitcoin’s Relative Strength Index (RSI) value of 56.20 indicates that investors appear to be adding to their holdings rather than selling them off. However, in order to balance their risk and reward, potential latecomers to the market should be cautious and watch for potential reversal patterns.
Solana, a well-liked coin among NFT enthusiasts, has recently returned to the 200-day moving average, according to the asset’s 4-hour technical chart, following a downturn brought on by the crash of the FTX exchange.
Although Solana has been trading above the 200-day moving average, the asset has faced some volatility and dipped below the line in February 2023 before recovering and trading higher. It’s likely that Solana will continue to rise toward its resistance level of $34 if it can break the $30 price level.
Another indicator, the Relative Strength Index indicator, shows that Solana’s RSI is currently displaying at 55.59, indicating a positive market trend. The likelihood of a Solana bull run will increase if more buyers are actively participating in the market.
The price of Solana could potentially fall to $20 in the event of a market downturn, though.
