HomeNewsFTX Exchange and Bitcoin (BTC): Will We See a $20,000 Scenario Again?

FTX Exchange and Bitcoin (BTC): Will We See a $20,000 Scenario Again?

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  • FTX, a bankrupt crypto exchange, is looking for the green light to liquidate $3.4 billion in cryptocurrencies with potential cascading impacts on Solana (SOL), Dogecoin (DOGE), and Aptos (APT).
  • SOL risks breaking a 256-day support, DOGE faces potential breakdown from its $0.060 support, while APT nears its annual lows.

Solana (SOL) Navigates a Critical Support Crossroads

Solana’s price trajectory has shadowed an ascending support line since the onset of the year, peaking at a yearly high of $32.13 in mid-July. However, recent trends show the price dropping and testing the support line, having touched $17.36 on September 11th. This line, holding for 256 days now, is critical in indicating SOL’s future direction.

The daily Relative Strength Index (RSI), a momentum metric used by traders to gauge market conditions, hints at a bearish turn for SOL. With values below 50 suggesting bearishness, SOL might experience a 20% fall to $14 if the current support line fails. However, if it holds strong, SOL has the potential to rise by 50%, approaching a resistance at $27.

Dogecoin (DOGE) – A Battle of Supports and Resistances

DOGE’s trajectory has been a story of rises and falls. Following a promising upward trend that began in June, the coin broke its support line in mid-August, bottoming out at $0.055. The resilience of DOGE was on display as it swiftly recovered to the $0.060 support. Yet, resistance at the $0.066 level (determined by the 0.382 Fibonacci retracement) has once again pushed the coin back to its $0.060 support.

A bearish RSI pattern suggests that if DOGE does not hold its current support, it could witness a 12% dip, touching its annual low at $0.053. A resurgence in momentum might propel it towards the $0.070 resistance level.

Aptos (APT) Treads Near Its Lowest

After scaling its peak at $20.40 in January, APT has seen a gradual decline. The coin momentarily found solace at the $5.80 support, but September witnessed a breach of this stronghold. The bearish sentiment, reflected in the daily RSI, does not hint at any immediate bullish turnaround for APT.

APT’s current trajectory suggests a possible 35% plunge, which would take it to its annual low of $3.30. However, any bullish reversal might propel it to retest the $5.80 resistance, a level it once found comfort in.

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Ralf Klein is a computer engineer specializing in database technology, and as such, he was immediately fascinated by the possibilities of blockchain when he first heard about it, especially since this distributed, tamper-proof technology can be the foundation for much more than just cryptocurrencies. At ETHNews, he translates the articles of his English-speaking colleagues for the German readers. Business Email: info@ethnews.com Phone: +49 160 92211628