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Following a sharp decline from the monthly highs, the price of Bitcoin is currently seeing its third straight day of growth.
Still, the rebound is not very optimistic given that the price of bitcoin is still having difficulty rising above $40,000. The coin is trading at $40,139 as of this writing.
Simultaneously, the price of solana has significantly increased from its recent low of $79.
The price has risen above $89.5 after regaining the $85 support level. The price is still 30% below its monthly highs, therefore the local decline is still in place.
As it reached a fresh all-time high on Wednesday, Manta Network stole the show. But the price of MANTA is retreating after hitting resistance at the $3.33 mark.
The price is currently trading at $3.06 following some profit-taking. Should this level be broken above, there could be one more bullish move higher.
The leading digital asset is having difficulty breaking through the $40,200 hourly resistance level, as seen by the following BTC/USD chart.
When the price entered a significant demand zone below $40,000, buying pressure started to build, which is why the price has just recovered. This zone is indicated on the chart below in red.
The price is expected to rise toward Monday’s highs of $41,700 with a clean break over $40,555.
Bulls in Solana seem to be targeting a second retest of the $97 mark. It’s possible that this amount of support will suddenly function as resistance.
In the upcoming days, I anticipate a climb toward the $90 and $97 if the price of Solana flips over to support at $85 on the 4H timeframe.
Given that the price of Bitcoin has lost its daily upswing, the general market mood for cryptocurrencies is still pessimistic.
The majority of analysts continue to predict a retest of the $38,000 level in the upcoming days or weeks, even though the high timeframe perspective is still favorable.
Price goals as low as $30,000 may possibly be in the cards if the slump continues.
Nonetheless, it is advisable to wait for the price action to unfold over the next several days before making any hasty trades.
Disclaimer: The information provided is for educational and informational purposes only. It does not constitute financial advice, and you should always conduct your research or consult with a professional before making any investment decisions.
