Price Analysis: SOL, BCH, and ZIL
The market seems to be very volatile this week, Bitcoin broke its support level of $32,500 – $33,000, price might go towards its major support level of $30,000 – $31,000. This volatility might be due to grayscale unlock. We have multiple unlocks in the coming days and volatility will continue like this.
SOL has given a strong parabolic move in a downwards direction. Now, the price is trying to hold and gaining momentum from its local support of $26.6 – $27.3.
RSI (relative strength Index is also oversold, which also building a strong confluence for sign of strength. If the price broke its previous support level, we can see a downfall in price till $22.6 – $24.0.
ZIL is trending below the 50 period EMA and saw a heavy downfall from its ATH (all-time high). Currently, sitting on its strong support level. If the market remains stable, we can see a bounce in ZIL from here. Alternatively, if the price broke its strong support level of $0.061 – $0.066, the price might have to face a heavy crash around $0.027 – $0.029.
BCH is also trending below 50 period EMA (Exponential Moving Average). EMA line took a sharp decline and indicates aggressive selling. The market continuously building new HL (Higher Low) and a fresh LL is expecting near the major support zone.
Currently, price reached its minor support level of $427 – $463. Alternatively, if price unable to hold the previous, we can see more downfall till its strong support zone at $350 – $390.