- FTX’s pending court approval could see a systematic liquidation of $3.4 billion in digital assets.
- Solana (SOL), Dogecoin (DOGE), and Aptos (APT) face critical price movement reactions.
Solana’s (SOL) Pivotal Price Movement
Solana (SOL), having ascended steadily since early 2023, touched its zenith at $32.13 by mid-July. A notable pullback ensued, marking $17.36 as its recent low on September 11th. This motion retested the 256-day ascending support line, an essential metric often interpreted as an indicator of underlying market strength.
For those unfamiliar, the Relative Strength Index (RSI) aids traders in gauging momentum. Current bearish RSI readings for SOL imply a potential break from its longstanding support. Should SOL fail to maintain this line, the asset might experience a sharp 20% fall, targeting the $14 mark. Conversely, retaining this support could catapult the price by 50% towards the $27 resistance.
Dogecoin (DOGE) and the Tricky Support Game
Dogecoin, once propelled by an ascending support line since early June, encountered a setback mid-August. This disruption saw DOGE plunge to $0.055, only to rebound and stake its claim at the $0.060 support. A notable resistance at the 0.382 Fibonacci level at $0.066 later repulsed this bounce.
Leveraging the RSI again reveals a bearish undertone for DOGE. Should this sentiment persist and DOGE loses its hold over the $0.060 level, a 12% decline to $0.053 seems plausible. However, reignited bullish vigor could push DOGE towards the 0.5 Fib level, set at $0.070.
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Aptos (APT) Nears Critical Low
Aptos’s journey since January showcases a significant dip from its zenith at $20.40. After a prolonged descent, APT seemed to find solace at $5.40 by June. The crypto briefly reclaimed the $5.80 level before capitulating to bearish pressures in September. Current RSI indications don’t offer much optimism.
Should this bearish narrative dominate, APT is poised for a 35% dip, targeting its annual low at $3.30. However, any bullish interruptions could see APT challenging the $5.80 level, now acting as a resistance.
In essence, while FTX’s structured asset liquidation might prevent an abrupt market downturn, SOL, DOGE, and APT remain on tenterhooks, awaiting their subsequent market trajectories.
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