Volatile movement in the crypto market: Short-term relief may be coming!

Cryptocurrency News – Judging by the Solana charts, there is more of a bearish outlook than a bullish one. Obviously, there is a price target of $90 since we fell out of the ascending wedge pattern. However, until it falls into this range, a strong support is positioned at $125. On the daily chart, a bullish divergence occurs, similar to Bitcoin. Based on this outlook, we may linger for a while around $125. Still, this indicator alone may not be enough. If the bullish divergence on the daily chart kicks in, we could be comfortable moving for the next one to two weeks.

The XRP chart shows a strong bearish trend that is still more active. Obviously, this outlook says that we shouldn't expect significant momentum. However, as we always say, we may also experience small jumps in the bearish outlook. Because the market never moves in one direction. There are certain support levels for XRP that you should watch out for right now. These support points are at $2.25 and $1.95, respectively. If daily candle closes do not occur below these support points, we may see a slight upward trend. On the upside, there is decent resistance at $2.30. If it breaks through this area and starts a reversal, there is strong resistance at $2.60.

Looking at the Chainlink price on the daily timeframe, we see that it has bounced off the Fibonacci support point, which sits at $12.80. A few months ago, there were very high expectations for Chainlink in the market. Leading analysts in the market predicted that Chainlink would experience a gain of up to 100%. However, macroeconomic conditions have also shaken Chainlink expectations. The asset is currently struggling in a range that can never be predicted by the market. If Chainlink price breaks below $12.80 right now, it could see the $10 levels. However, if it adapts to the overall market and bounces, it may face resistance at $14.5.

In summary, we may encounter short-term bounces in the overall cryptocurrency market in the next few weeks. However, the general trend of the market is bearish, as it has been for a long time. In this process, there are important data that we need to follow. First of all, the CPI data to be announced tomorrow is eagerly awaited by the markets. The market's CPI expectations are for a rate of 2.9 percent to be announced. If the CPI data comes in below expectations, we may experience a positive momentum in the crypto market.

The information in the content of the article is for informational purposes only. It does not constitute any investment advice. The author and kriptoparahaber.com are not responsible for your profit or loss arising from the investments you make. Investment is ultimately based on many foundations such as knowledge, experience, research and personal decisions.

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