Biggest Movers: ETC Trading Below $40.00 Ahead of Thursday's Merge Event – Market Updates Bitcoin News

Looking at the chart, today’s rebound also coincided with the 14-day relative strength index bouncing from a support point of its own.

The RSI climbed from its floor of 48.10, and as of writing, is now tracking at 52.61, which is below a ceiling of 56.30. Should bulls look to reenter the $40.00 region, the RSI will need to move beyond the upcoming resistance level.A day after trading at a three-week high, solana also remained below $40.00 during today’s session.This drop sees a seven-day winning streak snapped, with prices now trading close to a one-week low.Wednesday’s drop sees SOL move close to its long-term support point of $32.70, which has historically been a bullish zone.

History has so far repeated itself, with bulls reentering the market, moving solana away from earlier lows. If these bulls are to remain in the market, their next price target will likely be a ceiling of $36.20.Tags in this story

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Bull trap

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It is not clear at all what exactly will happen after the merge.

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