Solana, MATIC, Ethereum Classic Price Analysis: 23 May

Solana, MATIC, Ethereum Classic Price Analysis: 23 May

Ethereum News
May 23, 2021 by J.D. Smith
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A bounce back from $25 could allow for minor gains till $29 for Solana. MATIC broke below $1 and will continue on a downwards path if bulls fail to respond swiftly. Finally, Ethereum Classic broke south from a descending triangle and risked a further 27% drop. Solana [SOL] Source: SOL/USD, TradingView Unable to bounce back
SOL-7

A bounce back from $25 could allow for minor gains till $29 for Solana. MATIC broke below $1 and will continue on a downwards path if bulls fail to respond swiftly. Finally, Ethereum Classic broke south from a descending triangle and risked a further 27% drop.

Solana [SOL]

Source: SOL/USD, TradingView

Unable to bounce back from $35, another sell-off was triggered and Solana dropped towards $25-support. The hourly timeframe did notice some buying but the price was yet to register this on the 4-hour timeframe. Hence, the coming hours would add more clarity to SOL’s short-term movement. A rise from $25-support could enable movement close to $29. A breakout above this ceiling could result in a minor price jump, whereas rejection would likely mean another breakdown. Additional levels of support lay at $21.3 and $16.4.

A rising ADX above 37 flashed signs of another southbound move. On the other hand, RSI’s oversold nature could instigate a bullish outcome.

MATIC

Source: MATIC/USD, TradingView

Losing the $1 mark was yet another bearish development for MATIC. A further retracement could see the cryptocurrency would call into action some defense at $0.85, but a more realistic target would be $0.68- a level that provided relief to buyers during the first week of May. Volumes across exchanges were down by over 38% over the 24 hours and clocked in at $2.4 Billion.

If buyers enforce a comeback, the worst-case scenario could be avoided. Hence, the $1-mark should be carefully observed over the coming hours. RSI found itself in the oversold territory for the first time since mid-April. Awesome Oscillator highlighted an alarming level of selling pressure but the 1-hour timeframe indicated some buying resurgence.

Ethereum Classic [ETC]

Source: ETC/USD, TradingView

On the hourly chart, Ethereum Classic showed a breakdown from a descending triangle after ceding $54-support to bears. While cues from the broader market would take precedent over the current pattern, bearish signals would only amplify ETC’s losses. Such an outcome could lead to a 26% retracement towards $39.3-support. Conversely, a retake of $54-55 could result in some sideways movement over the coming hours.

RSI bounced back from oversold zone and worked against a breakdown prediction. On the other hand, CMF’s trajectory highlighted capital outflows.


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