In today’s trading session, Sologenic prices are falling. This is after a strong bullish move that involved five consecutive days with a net gain in the market.
Investments in the stock markets, securities, commodities, ETFs, and commodities can be challenging for someone looking to invest using a decentralized blockchain platform. However, it is also the problem that Sologenic promises to solve.
The company behind the cryptocurrency is creating the Sologenic derivatives protocol based on the Ripple network, which is capable of tokenizing securities, stocked ETFs, commodities, and other non-blockchain assets. This has given the platform the ability to bridge the traditional financial and cryptocurrency markets, making cryptocurrency more accessible.
The entry into the market of derivatives has given Sologenic a huge boost. This is because derivatives are the second most popular way that investors interact with the stock market. The platform is built for both retail and institutional investors. It also has a wide range of TradFi allowing users to have huge alternatives for their investments.
The four-hour chart below shows the prices are trading within a flat channel. The chart also shows that the prices have recently hit the upper trend line of the channel, and the current drop in price may be a result of failing to break out of the structure.
The chart also shows the RSI indicator showing strong signs of a bullish move. However, the chart does not reflect the bullish move. The chart also shows a slight divergence to the downside, meaning the prices may very well be in a bearish market.
Therefore, based on the chart below, there is a high likelihood that Sologenic prices will continue with their downward trend until they hit the $0.32 support level, which is also a trend line of the channel. There is also a high likelihood that the price may continue trading at that level for the foreseeable future once it hit that level.
This post was last modified on Apr 01, 2022, 13:39 BST 13:39