Crypto currency markets have started to increase their losses under the leadership of BTC again. What’s next? SOL Coin price fell back to the $54 level after the parabolic rise. An important point to note in altcoins is that important support zones are now being lost. This indicates that BTC’s decline could lead to deeper losses.
Solana (SOL) Analysis
SOL Coin fell to $54 and BTC experienced a loss close to $1800. If BTC, which is making movements similar to previous resistance tests, does not surpass $38,000 in the short term and test the $40,000 level to create higher support levels, the situation could be different this time. As the monthly close approaches, we will experience together what the intensifying struggle will bring to altcoins.
If the price falls below the 20-day EMA ($53), SOL Coin will complete a head and shoulders formation with the loss of $51 as well. This could lead to sharp sales down to the 50-day SMA ($40) and then to $34. In a November 27 CoinShares report, we wrote that SOL Coin entries had fallen to $3.5 million. This suggests that the GSOL premium could fall further, and the speculative rise could naturally weaken.
In the opposite scenario, closings above $59 could bring a test of $68.
Cardano (ADA) Coin Analysis
Cardano has not been able to surpass the overall resistance of $0.40 in the last three days. We have recently talked at length about how critical and challenging this level is. Investors heading for profit-taking were influenced by the general market sentiment. If sales continue, we could see a decline back to $0.32 after $0.37 and $0.34. In the opposite scenario, as we previously mentioned, the target will be $0.46.
As the monthly close approaches, we must not forget that BTC bulls may try to push the price up more confidently.
Dogecoin (DOGE) Analysis
There is a DOGE that has been underperforming the market average since Elon Musk forgot it. The mischievous billionaire is now interested in artificial intelligence and his own companies, so he doesn’t have much time for the meme coin king. Before acquiring Twitter and transforming it into X, Elon, who had expressed his support in many areas including code development, is now ignoring Dogecoin.
Looking at the price, sellers who managed to pull Dogecoin below the 20-day EMA ($0.08) are targeting $0.07 (as of the time the article was prepared). If the critical zone is reclaimed, $0.1 is not a dream, but for now, it doesn’t seem very likely.
- Crypto markets are led by BTC’s increasing losses.
- SOL, ADA, and DOGE face critical price movements.
- Market volatility affects investor decisions and coin values.
