Silver Prices Plummet Amid Market Turmoil
- Silver Price Plunge: Silver prices have dropped from nearly $77 to around $67, primarily due to stronger-than-expected US jobs data, which diminished expectations for Fed rate cuts, leading to a stronger dollar and rising ten-year Treasury yields that further pressured non-interest-bearing assets like silver.
- Tight Supply Amid Ongoing Demand: Despite the price drop, factories still require silver, particularly solar panel manufacturers, but some have started substituting silver with copper due to high prices, which could impact future silver demand and pricing dynamics.
- Technical Analysis Indicates Final Washout: Market analyst Rohit Srivastava suggests that silver has entered the final stage of a large Elliott Wave corrective pattern, anticipating the emergence of a final “c wave” within the Wave Z structure, which could lead to aggressive downside movement and clear out remaining long positions in the short term.
- Uncertain Future Trends: Silver prices are expected to oscillate between $62.50 and $70, with market uncertainties regarding interest rates and global tensions continuing to affect trader sentiment; if silver breaks above $70, it could trigger a stronger rebound towards the previous high near $77.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 6 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -0.0000467 | 0.0111 | 0.0235 | 0.0346 | 0.047 | 0.0581 | 0.0705 |
| Fibonacci | 0.0111 | 0.0201 | 0.0256 | 0.0346 | 0.0436 | 0.0491 | 0.0581 |
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