Since the crypto fear and greed index is only five points below “neutral” sentiment, the crypto market is experiencing a decent recovery.
As a result, Ethereum saw a highly anticipated jump above the $ 4,000 mark, but showed a weak directional trend. On the flip side, Dogecoin consolidated and DOT crossed the 50 SMA while flashing bullish technicals.
As mentioned in the previous article, ETH experienced an expected trend reversal after forming a falling wedge for a month. It climbed 10.41% in just six days. As a result, ETH passed the $ 4,000 mark after retesting that mark four times. For the past few days it has formed a symmetrical triangle on its 4 hour chart. To confirm the bullish strength, the Alt must now cross the $ 4,100 mark as volumes rise.
Although the bulls hit the $ 4,000 mark back, ETH experienced one bearish divergence between the price movement and the RSI (blue trend line).
Any further failure would set a test point around 20-50. Find Upper school in the demand zone. At the time of going to press, ETH was trading at $ 4,039.01. the RSI broke 59 for the first time since Dec 1st, suggesting heightened bullish influence.
Even though OBV has been in an uptrend for the past week, it failed to hit previous levels at the $ 4,000 mark. In addition, the falling volumes of the volume oscillator confirm that the ETH bulls have not been able to build up enough buying pressure.
DOGE has pulled back more than its previous bull run as it has lost half of its value in the past 54 days.
That exit secured the 23.6% Fibonacci resistance as price struggled to break the $ 0.175 mark. Besides, the 50 high school (blue) was just below the above mark and provided an instant test point for bulls.
After a descending triangle breakout (green), DOGE found an oscillating range between $ 0.162 and $ 0.182. At the time of going to press, DOGE was trading at $ 0.1723. the RSI saw a rise of 20 points in two days and jumped over equilibrium, which is a bullish bias. Although the DMI was marginally bullish, the ADX was significantly weak.
Like DOGE, the DOT bears beat their previous bull run on an upward (white) channel when the token lost its 16-week prior support at the $ 26 mark. Over the past few days, the bulls retested the above channel (green) several times until DOT saw a breakout from the lower channel on December 21st.
And so it happened that the Super trend finally a green sign blinked after most swaying in the red area. As the bulls crossed the 50 SMA hurdle (blue), the immediate resistance was at the $ 26 mark. DOT bulls need to rally higher volume to initiate a trend changing rally.
At press time, the Alt was trading at $ 26.11 after seeing a 24-hour gain of 5.97%. the RSI was north after a staggering 34 point climb over two days. Furthermore, the DMI confirmed the bullish momentum, but the ADX showed a slightly weak directional trend for the token.