After retracing December 2022's rally, #HOOK is consolidating near the rally's origin.
Traders might "sell the news" of Monday's staking program beginning. However, this staking program may also increase buying pressure.
Meanwhile, the price is consolidating near the middle of its range. These factors make accurate predictions of the next short-term move less probable.
The price could aim for possible support near $1.3883, where bulls rejected bears twice on the daily chart near the June monthly open.
Bears rejected bulls on the daily #chart at $1.4949, which might provide resistance again. The price may not retest this resistance before testing possible support.
Near $1.3322, bulls accumulated before December's bull run. They also rejected bears at this level on the daily chart. This level could provide support after the price sweeps bulls' stops under the May 25th and June 1st daily swing lows.
If the price returns to resistance at $1.4949 and breaks it, bears' stops above the May 19th, May 29th, and June 2nd swing highs might be the next target. The unfilled part of May 8th's daily gap, at $1.5733, may provide the next layer of resistance.
#OP is retracing early 2023's rally as the price struggles to climb over the 9 EMA.
Bulls' stops under a swing low at $1.200 could be drawing the price. This swing low aligns with the 100% extension of early April's rally.
It's also at the high of a weekly gap and near where bears rejected bulls on the weekly chart in early November. Traders selling the news of Tuesday's mainnet upgrade might help push the price toward this low.
Just above the current price, a daily gap from $1.548 to $1.600 may provide resistance. This gap overlaps with the 18 EMA and May 24th's swing low.
If this resistance breaks, bears' stops over daily swing highs at $1.671 and $1.721 could be the upside targets. These highs overlap with distribution on May 17th and the 40 EMA, which might help them provide resistance.
If the price continues dropping, it's likely reaching for bulls' stops under the relatively equal swing lows at $0.865, $0.800, and $0.761. These lows rest below an area where bulls rejected bears on the monthly and weekly charts throughout Q4 2022 and are at the origin of 2023's rally.
#SYS dropped a stunning 92.66% from its 2022 high and has been in a range for the last year.
In October, the price swept its range's lows. It then rallied to sweep the range's highs. It's now returned to the range's lows, which could increase the odds for successful longs.
#Bulls rejected bears at $0.1157 on May 8th. This level might give support during a retest if the price attacks May's bullish trendline as traders sell after today's event.
However, it's reasonable for a retest to sweep bulls' stops under the $0.1116 swing low. This sweep may take more stops under the $0.1082 swing low to fill daily gaps near $0.1070, then find support.
A weekly gap from $0.1343 to $0.1408 provided stiff resistance and could make bulls pause again. Bears also rejected bulls at this gap on the daily chart.
If bulls break this resistance, they might aim for bears' stops above the $0.1505 and $0.1546 swing highs. Near these highs, the weekly chart shows significant distribution during March and April.
This distribution, near the middle of the range, may trigger consolidation if the price can return to it.
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