- Bitcoin may test $101,500 if it fails to hold $102,000, signaling bearish pressure.
- Ethereum faces further declines if it breaks below $3,100, targeting $3,050.
- Solana could see a recovery above $236.00, while a drop below $230.00 risks further losses.
The crypto market is poised for potential volatility as the Federal Open Market Committee (FOMC) meeting draws near. With uncertainty hanging over the market, technical indicators are signaling caution.
Specifically, the TD Sequential indicator has flashed sell signals on the hourly charts for Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), and Cardano ($ADA). This suggests that traders may need to brace for further price fluctuations.
Bitcoin Price Action and Market Sentiment
Bitcoin (BTC) is currently trading at $102,387.86, showing a slight dip of 0.20% in the last 24 hours. Despite the recent drop, Bitcoin remains within a consolidation phase, hovering around psychological support levels. The price has been fluctuating within a narrow range, signaling indecision among traders.
However, trading volume has dropped significantly, reflecting reduced market participation. A breakout above $103,000 could trigger bullish momentum, pushing BTC towards $104,000. On the other hand, if the price falls below $102,000, Bitcoin could retest the $101,500 level, signaling further bearish pressure.
Ethereum’s Short-Term Downtrend
Ethereum (ETH) is currently priced at $3,133.03, down by 1.77% in the last 24 hours. The asset is in a short-term downtrend, making lower highs and lows. It has been consolidating near key support levels, indicating a lack of strong directional momentum.
With reduced trading volume, Ethereum’s market activity has slowed. If the price breaks above $3,175, it could push toward the $3,200 resistance level. However, if it fails to hold the $3,100 support level, Ethereum may retest $3,050, with the potential for further declines.
Solana’s Price Action and Potential Scenarios
Solana (SOL) is priced at $231.90, reflecting a 2.13% drop in the last 24 hours. Like Ethereum, Solana is also in a downtrend, showing lower highs and lower lows. The asset is consolidating near $230.00, a key support level.
If Solana breaks above $236.00, it could see a short-term recovery, possibly pushing toward the $240.00 resistance level. However, if it fails to hold the $230.00 support, the price could test $225.00, and further declines could follow if bearish momentum intensifies.
Cardano’s Bearish Momentum and Key Levels
Cardano (ADA) is trading at $0.9303, down by 1.74% in the last 24 hours. The asset is in a short-term downtrend, struggling to maintain upward momentum. Cardano has been consolidating near the $0.9200 support level, with a failure to hold this zone potentially leading to further downside.
A breakout above $0.9500 could signal a short-term recovery, targeting the $0.9700 resistance level. However, if Cardano breaks below $0.9200, it could revisit $0.9000, indicating further bearish sentiment.