Once again, investors in the crypto market cannot agree on a clear direction. Although some of the top 100 altcoins jumped to a new all-time high in the meantime, many cryptocurrencies continue to trend south at the beginning of the week. Overall, however, the current market situation can be seen as bullish. In particular, the price strength of many blockchain ecosystems such as Solana (SOL), Terra (LUNA) and Avalanche (AVAX) give hope for a bullish final quarter this year.
Best price performance among the top 10 altcoins:
Price analysis based on the value pair SOL/USD on Binance
Solana is seeing a week-over-week price gain despite profit-taking in the last few trading days. However, after a rise of more than 400 percentage points since breaking out above the old all-time high, this consolidation is not surprising. As long as Solana remains above an EMA20 (red) at USD 141.02, this development is completely unproblematic from a bullish perspective, as already mentioned in the analysis from September 10.
Bullish variant (Solana)
The current price weakness on the overall market in the last few trading days also allows Solana to consolidate for the time being. If the bulls succeed in stabilising the price above USD 141.02, further price rises can be expected. Even a correction to USD 110.28 should not worry investors, as strong price rises are naturally often followed by larger price corrections. If the SOL price sustainably holds above the super-trend at 110.28 USD and recaptures the area around the 361 Fibonacci extension, investors will once again look in the direction of the 461 Fibonacci extension at 200.09 USD.
Only when Solana stabilises above this price level on the daily closing price will the all-time high at USD 216.52 come into view again. If the buyer camp can then develop enough momentum and break the all-time high, the next price target at USD 239.24 is activated. Here, the next price target is found in the form of the 561 Fibonacci extension. Should the overall market also continue to develop positively, a medium-term march through to the all-time high is also possible.he maximum derivable price target at USD 278.38 is conceivable. The 661 Fibonacci extension is to be seen as the maximum bullish projection target for the time being.
Bearish variant (Solana)
If the SOL price corrects further and gives up the 138 Fibonacci extension at 160.94 USD on the daily closing, the EMA20 (red) at 141.02 USD comes into view. A fall below it makes a retest of the previous week’s low at USD128.85 likely. A quick retest of the 261 Fibonacci extension at USD 121.79 should also be considered. A first directional decision will come at USD 110.28 at the latest. The bulls have to prove themselves at this cross support of the super trend and the horizontal support level. A sustained abandonment of this price level brings the area around USD 97.60 back into focus. This is where the 200 Fibonacci extension and the EMA50 (orange) are located. If the bears manage to dynamically undercut this support as well, price targets between USD 82.64 and USD 79.00 will be activated. The 161 Fibonacci extension and especially the breakout level before the price rally act as a possible springboard to the north.
The way back to deuce
In the first attempt, a rebound to the north is therefore likely. If the overall market comes under further pressure in the coming weeks and Solana falls back below USD 79.00, a correction extension to USD 70.85 should be planned. This is the upper edge of the bull flag paired with a relevant horizontal support level. If the SOL price does not stabilize here either, a decline to USD 64.06 cannot be ruled out. In perspective, Solana could also approach the maximum bearish price target in the form of the old all-time high at 58.61 USD. At this price level, the old all-time high from May 19, the bulls will want to initiate a counterattack. If, contrary to expectations, this central support is abandoned, a retest of the EMA200 (blue) at USD 51.10 cannot be ruled out. For the time being, however, a relapse into this chart region is considered very unlikely. This snapshot will only change if Bitcoin breaks away significantly back below USD38,000.
The situation with the RSI and the MACD indicator is currently becoming increasingly cloudy. The RSI is clearly trending south and threatens to return to the neutral zone between 45 and 55 if price weakness continues. The MACD indicator is also threatening to form a sell signal in the near future, which could put further pressure on the SOL share price.
Worst price performance among the top 10 altcoins:
Priceanalysis based on the value pair DOGE/USD on Binance
Dogecoin is unable to sustainably shake off its price weakness of the past few weeks and is currently trading back in the area of the EMA200 (blue) and MA200 (green). After the DOGE price failed to overcome the upper edge of the purple resistance area, the price fell back significantly on September 7 and marked a new selling low at USD0.215. Although Dogecoin was able to recover slightly in the following days, it is now trading below the resistance at USD 0.264 again, currently at USD 0.235.
Bullish Variant (Dogecoin)
As an underperformer in recent weeks, the price of Dogecoin continues to be under selling pressure. This is also noticeable in the drop in the top 10 altcoin rankings. After Solana in the previous week, Dogecoin now also has to let Polkadot (DOT) pass. However, the bulls are not giving up completely yet. As long as the DOGE price can hold above the EMA200 (blue) at 0.229 USD and does not fall below the lower edge of the blue support zone on the daily closing price, there is still a chance of a renewed rise towards the multiple resistance at 0.264 USD. This is where strong horizontal resistance is paired with the EMA20 (red) and the EMA50 (orange). If the bulls manage to overcome this chart zone on the daily closing price, a renewed attempt to rise towards the 23 Fibonacci retracement at USD 0.297 is conceivable. The bulls will have to prove themselves at USD 0.313 at the latest. In addition to the previous week’s high, the super trend is also found here.
The liberation blow
If this price level is dynamically overcome, the lower edge of the orange resistance zone comes into view. In particular, the USD 0.351 level needs to be sustainably broken in order to generate further price potential up to the USD 0.383 level. Here, the upper edge of the orange resistance zone is paired with the 38 Fibonacci retracement. The next price target in the form of the 50 Fibonacci retracement at USD 0.45 will only be activated once this resistance has been sustainably breached. In addition, there is also strong horizontal resistance in this area. If the bulls can subsequently generate enough momentum, a follow-through rise into the red resistance area can be planned.
The 61 Fibonacci retracement of the current movement runs along the lower edge at USD 0.520. Profit-taking at this price level should therefore not come as a surprise. If Dogecoin can march to USD 0.571 in the medium term and overcome this resistance, the next price target will activate in the form of the 78 Fibonacci retracement at USD 0.618. The horizontal resist at USD 0.697 should be seen as the maximum price target for the coming period. Only if this resistance is also broken dynamically, a rise to the all-time high at USD 0.743 is conceivable.
Bearish variant (Dogecoin)
However, if the DOGE price cannot rescue itself back above the resistance at 0.264 USD in a timely manner, a further price decline is likely. If the bears manage to break through the EMA200 on the daily closing price, a retest of the previous week’s low at 0.213 USD is likely. If theIf the overall market falls in the coming weeks and Dogecoin corrects sustainably below the blue support area, a relapse into the green support zone is to be expected.
Then the DOGE price could break away to 0.195 USD or even 0.175 USD. If USD 0.175 does not provide support either, a correction extension to the low of July 20 at USD 0.160 is conceivable. Investors should also use setbacks in Dogecoin to a maximum of 0.238 USD to make new purchases. If Dogecoin does not stabilize sustainably here and slips below it on the daily closing, a significant setback is to be planned. As a result, the DOGE price should drop to at least 0.119 USD. In the medium term, a retest of the old all-time high at USD 0.087 cannot be ruled out.
The RSI continues to trade below the neutral zone at currently 38 and still has a sell signal active. The same applies to the MACD indicator, which also has a short signal on a daily basis. The weekly chart also shows a similar picture, the MACD has a sell-signal active and the RSI is also trending further south.
Stability of the Top 10
Looking at the performance of the top 10 altcoins, we can see a highly exciting scenario. While Bitcoin, down 13 percent, and Ethereum, down 18 percent, are suffering from profit-taking, several projects showed bullishness this week. Terra (LUNA) as well as Solana (SOL) are gaining around 8 percentage points. On the other hand, weekly loser Dogecoin (DOGE) is down nearly 25 percent. Binance Chain (BNB), down 21 percent, and Ripple (XRP) and Cardano (ADA), each down 19 percent, also suffer from profit-taking this week.
The ranking of the top ten cryptocurrencies shows three place changes this past week. Solana overtakes Ripple to jump to fifth place. Dogecoin continues to lose market cap, falling behind Polkadot (DOT) to eighth place. Terra also jumps two spots this week to ninth, pushing Uniswap (UNI) out of the top-10. It’s clear that blockchain ecosystems are increasingly popping up among the cryptocurrencies with the largest market caps.
Winners and losers of the week
The overall market showed a mixed picture this past week. However, considering the price correction in Bitcoin and Ethereum, this should not come as a surprise. Only around 30 of the top 100 altcoins showed a price increase. A good ten altcoins posted double-digit price gains. The list of winners is headed by Algorand (ALGO) with a 58 percent price increase. Also showing strength are Elrond (EGLD) with 57 percent, Harmony (ONE) with 43 percent and Near (NEAR) with 32 percent price appreciation. Thus, after Solana (SOL) and Fantom (FTM) last, many investors continue to invest in different blockchain ecosystems. At the bottom of the top 100 altcoins are many outperformers of the last three trading weeks. The fledgling crypto project eCash (XEC) and Bitcoin Cash ABC (BCHA) both lose 34 percentage points. Filecoin (FIL) as well as Telcoin (TEL) are also showing weakness, losing more than 30 percentage points in value.
Disclaimer: The price estimates presented on this page do not represent a buy or sell recommendation.recommendations to buy. They are merely an assessment by the analyst.
The chart images were created using TradingView TradingView.
USD/EUR exchange rate at the editorial deadline: 0.84 euros.