How are things going on the technical side of the major coins, which retreated to support levels after the sharp decline of Bitcoin (BTC)?
With the instant collapse of BTC to $ 26,530, altcoins retreated to support levels one by one, reversing the mood of the market. Price movements, especially in major coins, surprised crypto investors. What is the latest situation in Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP)?
Ethereum (ETH)
The positive divergence in ETH suggests that the selling pressure may ease near $1,531. This could start a relief rally that could reach the 20-day EMA ($1,619). If the price turns down from this level, the bears will make another attempt to sink the pair below $1,531 and initiate a downward move towards $1,368.
Conversely, a rise above the moving averages will indicate strong accumulation at lower levels. The price may then attempt to rise to $1,746. The bulls may struggle to break above this level, but if they do so, the pair could climb towards $1,961.
Solana (LEFT)
If the price rises from the current level, it will try to form a bullish head and shoulders formation. This reversal setup will complete with a breakout and close above the neckline. The target target for this setup is $32.81, but since it is formed within a consolidation, its effectiveness decreases slightly.
If the bulls fail to initiate a strong recovery from the 20-day EMA soon, the bears will gain strength. They will then try to pull the price down to the 50-day SMA ($20.44). If this level breaks, the next stop could be $18.50 and then $17.33.
Ripple (XRP)
The price declined on October 9 and fell below the moving averages. This was the first indication that the bulls were giving up. The selling increased further on October 11 and the bears pulled XRP below the uptrend line. This suggests that the pair could extend its stay between $0.41 and $0.56 for a while longer.
On the downside, the first support is $0.46 and then $0.41. On the contrary, attempts to initiate a recovery will likely face a sell-off at the moving averages and then at $0.56.
Dogecoin (DOGE)
The needle dropped on October 9 shows the bulls aggressively defending the $0.055 support. If buyers want to make a comeback, they will need to quickly push the price above the $0.06 level and then extend the recovery above the moving averages.
If they fail to do so, the bears will continue to put pressure on the $0.055 support. If this level is broken, DOGE could retest key support near $0.05. It is expected that this level will again lead the bulls to make solid purchases.
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