- The majority of cryptos are in the red zone today.
- BTC’s price is down by almost 3%.
- Trading activity for SOL and AVAX has become flat over the last two days.
The majority of cryptos are not having an ideal start to the week as they are all in the red, according to crypto market tracker CoinMarketCap.
Top 10 cryptos by market cap (Source: CoinMarketCap)
At the time of writing, the crypto market leader, Bitcoin (BTC), is down by almost 3%, with its price now at around $19,885.10. As a result, BTC remains below the major price level at $20,000.
Daily BTC chart (Source: CoinMarketCap)
BTC has continued to fall in price over the last day after a bullish candle breakout of the local support level at $20,895. Since then, the price of BTC has retraced below the support level to flip to resistance as sell volume continued to flood the crypto market.
If bears can continue this pressure, then BTC’s price could drop below the $19,500 level. This will be valid until the end of the week.
Daily SOL chart (Source: CoinMarketCap)
Solana (SOL) experienced a 3.72% impact on its price during the recent selloff. At the time of writing, SOL’s price is $33.82.
After attempting to break the $40 mark, SOL’s price was met with some sell pressure for the next 2 days that saw it remain relatively stable before dropping to its current level. SOL’s price is now trading within the wide channel between the support level at $26.05 and the resistance at $44.87. If SOL loses another level at $30, then chances are that it may look to test $20 soon.
Another coin that has felt the wrath of the recent influx of sell pressure is Avalanche (AVAX). According to CoinMarketCap, AVAX’s price is down 3.91% over the past 24 hours as its price now sits at $17.59 at the time of writing.
The sell pressure in the last 24 hours has also taken AVAX’s performance into the negative over the last 7 days with its price down 2.64% in the last week.
Daily chart for AVAX (Source: CoinMarketCap)
AVAX’s daily chart shows a situation similar to SOL’s daily chart as it attempted to breach the $25 mark but was met with sell pressure that saw its price redirect. Although there has been more equal trading activity between bears and bulls, the price of AVAX has remained in a narrow price channel.
However, now that AVAX’s daily candle has fallen below $18, bears may step in to seize the opportunity.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.