Crypto Price Analysis:- AVAX, SOL, BNB, ETC, TRX Price Plunge Hard
The crypto market trembled down again as the star crypto is closer to losing $21,000, dragging the global market cap below $1 trillion. The selling volume raised significantly as the trading volume spiked by more than 16% recording higher than $76 billion in the past 24 hours. While BTC & ETH prices slash by nearly 5% from the early trading hours, the other altcoins do possess a similar swing.
The Avalanche price in recent times is trading within a rising parallel channel and woefully approaching the lower support. The bulls, on the other hand, are attempting to uplift the price but could get exhausted any moment from now. Therefore, the asset is primed to drop below $20 before the day’s close and offer an opportunity for the bulls to re-enter. The day’s lows can be around $18 while a flip may uplift the price back above $20.
Solana (SOL) Price
SOL price has dropped by more than 8% since the previous day’s close and presently trades at $35.62. Solana‘s price ever since smashed the monthly highs close to $50 and has maintained a significant bearish trend. After multiple failed attempts, the asset is slowly approaching the monthly lows. However, the bulls are expected to hold the price once the asset losses $35, but if they get exhausted, the monthly lows close to $31 may be imminent.
BinanceCoin (BNB) Price
Binance coin (BNB) price also underwent a huge bearish trend since the beginning of the day’s trade by losing more than 5%. After a huge drop, the price is heavily consolidating within narrow ranges but is unable to make it above $250. Currently, equal strength is seen between the bulls and the bears which may compel the price to slash its volatility to some extent. However, after withstanding extreme pressure on either side, the asset may pull a notable leg regardless of the direction.
Ethereum Classic (ETC) Price
Ethereum Classic recently underwent a significant rise which was believed to be an outcome of the upcoming merger. The miners were assumed to have shifted to ETC or BTC from ETH increasing the ETC mining activity of-let. Presently, the asset dropped by 6.4% consolidating between the $23.2 and $23.7 range, waiting for the bulls to reenter the game. However, the asset still displays a bullish structure that may propel the price close to $25 initially and later to $28 very soon.
Tron (TRX) Price
The beginning of the day’s trade was pretty bearish as the Tron (TRX) price lost nearly 4% of its value, trading at $0.063 at the press time. The price appears to have rebounded from the bottoms as the traders accumulate more at a discounted price. The bulls have dominated for the past couple of hours, igniting a minor recovery. However, the asset still appears to be under the bearish influence and hence to validate a recovery, the price is required to test and sustain above $0.065.Source