While the ADA, LINK, and TRX bulls have regained their long-term support levels, the responsibility rests with the market leader to change general sentiment.
Chainlink also managed to break the 38.2% Fibonacci resistance with a recent upward push, but its short-term technicals (like Cardano) indicated a bearish bias.
Cardano (ADA)
Source: TradingView, ADA / USDT
The Alt has been declining diligently after hitting its one-month high on November 9th. As a result, ADA lost 42.7% in value in 30 days and 23.9% weekly. As a result, price action broke below the 16-week resistance at $ 1.4.
After ADA hit its 19-week low on December 3, ADA marked a bearish rising wedge on its 4 hour chart. Last day ADA saw an expected collapse below the wedge. Thus, the price retreated to its four month support at the $ 1.28 level. At press time, the Alt was trading at $ 1.303.
the RSI preferred the bears but showed some signs of recovery as price bounced off immediate support. Furthermore, the DMI insisted on a bearish edge. Also the OBV has been steadily declining since last month, suggesting reduced purchasing power.
Chain link (LINK)
Source: TradingView, LINK / USDT
After a collapse in the upward channel on December 3rd, the LINK bulls sought a rally as price action formed a rising wedge.
However, the alt undeniably saw strong resistance at the 61.8% golden Fibonacci level. As a result, LINK saw a rising wedge breakout from the aforementioned levels as the trend reversed. The digital currency fell steadily after hitting its six-month high on November 10th. Although the bulls gave way, they broke the 38.2% Fibonacci resistance.
At press time, LINK was trading at $ 20.06 after posting a 24 hour loss of nearly 7.2%. the RSI fluctuated below the midline suggesting a bearish preference. In addition, the bearish MACD Lines projected the short-term downtrend. But the ADX displayed a slightly weak directional trend. Now the alt may have viewed $ 22.92 as immediate resistance.
Tron (TRX)
Source: TradingView, TRX / USDT
TRX bears have shown resistance at the $ 0.118 level for the past six months. As a result, the share price fell sharply after hitting its six-month high on November 15th. The alt fell into a descending channel (yellow) after a collapse of the upward channel.
After a brief crash, the cops tried to recover. This movement formed a bearish one Double top, After that, the price slid to its 16-week low on December 3. Now the bulls provided ten-week support at the $ 0.0899 level.
At the time of publication, TRX was trading at $ 0.09208 after gaining 1.3% on its daily chart. the RSI laterally shifted over the center line. Furthermore, the DMI also showed a marginal bullish preference, but the ADX showed a weak directional trend.
