When the crypto fear and greed index dipped into the “extreme fear” zone, ETH and Dogecoin fell below their SMA of 20-50-200. Ether struggled to break the $ 3,766 mark, while SAND viewed $ 5.4 as test support.
The short-term specs for these cryptos were overall geared towards the bears.
After months of falling wedge (yellow), the ETH bulls lost 38.2% Fibonacci support as the bears attempted to test immediate support at the $ 3,635 level. The rally on the up (white) channel was soon halted after the bulls retested the 200 SMA four times before succumbing to a wider sell-off.
The ETH price campaign saw almost 12 red candles out of the last 15 candles. The old man still had no decent chance to recover. A convincing close above the $ 3,759 level would confirm the strength of the 11-week support (now resistance).
At the time of going to press, ETH was trading at $ 3,707 below its 20-50-200 SMA. The King Alt’s RSI reached its record low of 18 after falling 39 points in three days. He had to overcome the 33 mark resistance to confirm a sharp reversal towards the centerline.
In the past few days, DOGE has seen a retreat after finding strong resistance at $ 0.1919 for almost a month. After retesting this level at least six times in the past week, the alt plunged into a falling wedge (green) on its 4-hour chart.
As a result, DOGE lost 38.2% Fibonacci support but continued to secure the 61.8% level. In addition, the recent drop pushed the price below its 20-50-200 SMA.
Now the meme coin was attempting a reverse breakout. The trading volumes and OBV saw a corresponding increase in the last two green candles, indicating a healthy polling attempt.
At press time, DOGE was trading at $ 0.1722. the RSI saw a move up but had to close above mid-line to confirm any chance of reversal. the Squeeze momentum indicator now gray dots were blinking, indicating a phase of high volatility.
The sandpit (SAND)
Since December 5th, SAND has fallen in a bearish channel (yellow) on its 4-hour chart. When the cops tested the upper channel several times, they eventually saw a breakout from the lower channel.
SAND bulls crossed the 38.2% Fibonacci resistance as they recaptured crucial support at $ 6.03 after building a rising wedge (green, reversal pattern). As a result, it hit its three-week high on December 26th.
While 61.8% Fibonacci when there was strong resistance there was an expected collapse of the reversal pattern. SAND retraced 14.62% for the past four days. Any further breakdown would find test reasons at the $ 5.4 mark.
At press time, the Alt was trading at $ 5.7951. the RSI was at the 42 mark and showed a downward trend. Furthermore, the OBV also recorded lower lows and resonated with the reduced buying pressure.