Global chaos continues. Last week we saw the EU pass a sixth round of sanctions against Russia, including energy-related restrictions. Even though the Eurozone experienced high inflation above 8% last month (mainly due to energy), the EU has opted for more tougher sanctions rather than easing relations with Russia to reduce energy pressures. At the same time, we have seen Russia's strong opposition to U.S. aid of medium-range missiles to Ukraine's and its fiery rhetoric attacking the core of decision-making. The war has not cooled down. On the other side of the world, India, the second-largest wheat exporter, is affected by high temperature, and now is restricting the wheat exports, which will also exacerbate the tension in global food supply.
Last week, cryptocurrencies basically remained volatile. There was no continuity for both bears and bulls. The price has returned to its original level.
SOL broke the low of May.12 last week. Although the price rebounded after that, judging from the performance of bulls last week, it is not as strong as BTC’s and ETH’s. Even though there was a large-scale volume on Jun.6, the candle did not recover the magnitude of the decline on Jun.1. The long upper shadow and the destructiveness of the bears today have to make us wonder if the SOL has escaped the decline.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. We lowered support level to 33. This level corresponds to the price in August last year. Unlike the subsequent high-slope rise, we believe that this price level has accumulated a certain amount of buyers and will play a supporting role. This is why we believe that there is mostly fluctuating. Based on the bulls performed last week, we left the possibility of falling. This week's resistance level was lowered to 48.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Last week, cryptocurrencies basically remained volatile. There was no continuity for both bears and bulls. The price has returned to its original level.
SOL broke the low of May.12 last week. Although the price rebounded after that, judging from the performance of bulls last week, it is not as strong as BTC’s and ETH’s. Even though there was a large-scale volume on Jun.6, the candle did not recover the magnitude of the decline on Jun.1. The long upper shadow and the destructiveness of the bears today have to make us wonder if the SOL has escaped the decline.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. We lowered support level to 33. This level corresponds to the price in August last year. Unlike the subsequent high-slope rise, we believe that this price level has accumulated a certain amount of buyers and will play a supporting role. This is why we believe that there is mostly fluctuating. Based on the bulls performed last week, we left the possibility of falling. This week's resistance level was lowered to 48.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
