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As the price of Bitcoin falls below the 200-day EMA, a crucial support level, the market enters a bearish phase. The current trend shows BTC moving within a descending price channel, with lower highs and lower lows, indicating ongoing pressure on Bitcoin. The 200-day EMA breaking downward signals declining momentum, historically leading to further price decreases.

Bitcoin’s inability to maintain above this level fosters a bearish sentiment, with the lower edge of the descending channel around $53,000 as the next significant support. If this breaks, it could test the psychological barrier of $50,000. The decreasing volume further indicates weak buying interest, complicating efforts to reverse the downtrend.

Dogecoin Loses It

Currently trading below $0.1, Dogecoin is in a prolonged downtrend, struggling to hold above this psychological barrier. Its inability to gain momentum suggests deeper market issues. The price has been steadily declining for months, unable to break crucial resistance established by its moving averages. The 200-day EMA is significantly above the current price, highlighting a bearish outlook.

Low trading volume further supports this negative sentiment, indicating a lack of buying interest and increasing vulnerability. If current trends continue, potential support levels may drop to around $0.08 or lower. The RSI is near the lower end, showing weakened momentum without indicating oversold conditions, suggesting more downward movement may occur before a reversal.

Solana Aims for Recovery

Solana is currently trading at a critical support level, which historically has acted as a recovery base. Technical indicators suggest a potential bounce in Solana’s value. Currently positioned just above $130, this area has served as a pivot point for price reversals.

Despite a recent fall below the 50-day and 200-day EMAs, selling pressure appears to be waning, allowing buyers a chance to increase prices short-term. With the RSI near oversold territory at around 42, sellers may be losing momentum. A recovery could push Solana back toward the 50-day EMA, around $145.

Overall market conditions remain uncertain. A surge in buying interest and higher trading volumes is necessary for a sustainable recovery, especially as prices approach resistance levels around $140 to $145.

This article was originally published on U.Today.