AVAX, SOL down 14% Wednesday, prices near 1-week lows – Market Update Bitcoin News

The SOL fell 14% on Wednesday as prices fell to near one-week lows earlier in the day. In addition to this, AVAX saw a similar drop as the coin fell for the fourth straight session, dropping below $20.

Sunshine (SUN)

SOL traded lower today as prices fell for the fourth straight session after a false break above $40.

The world’s ninth-largest cryptocurrency fell to an intraday low of $34.24 in today’s session, its lowest since June 23.

Wednesday’s six-day low came less than 24 hours after prices reached a high of $39.71.

SOL/USD – daily chart

Despite being down nearly 14% today, SOL is now only 3.9% below last week’s peak of $43.

Looking at the chart, SOL/USD is currently trading at $34.27, but we could see further declines as bears are targeting the $30 mark.

However, to reach this point, price strength must break below the 14-day RSI support at 42.30.

Avalanche (AVAX)

On Wednesday, AVAX moved in a similar way to SOL, as prices also fell 14% in today’s trade.

After hitting a high of $20.48 on Tuesday, AVAX/USD fell to an intraday low $17.39 earlier in the day.

The drop saw Avalanche coin fall for the fourth day in a row, with the price now trading near its recent support at $14.50.

AVAX/USD – daily chart

The most recent bear market started on Sunday, when prices tried unsuccessfully to break above the $21.90 resistance level.

Despite today’s price drop, AVAX is still up nearly 3% from the same point last week, so the 10-day moving average looks set to cross upwards with the 25-day moving average.

If that happens and the 14-day RSI remains above its own bottom line at 40.40, then we could soon see prices back above $22.

Where do you expect AVAX to trade by the end of July? Let us know your thoughts in the comments.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.

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