As the market seemingly hopped on the recovery train, XRP’s 20 SMA crossed its 50-200 SMA to form a gold cross. Now its specs were showing mixed short-term signs.
Dogecoin broke out but continued its recovery as buying pressure increased. However, Terra posted exponential gains and hit its ATH on December 24th.
As we saw in the previous analysis, after the rising triangle (white) broke out, XRP continued to oscillate in a rising wedge (green, reversal pattern). The Alt achieved a 21.3% ROI during this period when it hit its three-week high on December 23rd.
In the meantime it is 20 high school (red) crosses the 50 high school (gray) and the 200 high school (green), which is a strong trend reversal for bulls. However, with a bearish divergence (white trendline) and strong resistance at the $ 1.01 level, price action broke towards the $ 0.88 level.
Now the 50-SMA stood as immediate test support as price action rebounded from it.
At the time of publication, XRP was trading at $ 0.9175. the RSI fluctuated near the 46 mark after a sharp dip but did not lose strength. The pullback volume (red) recently appeared to be higher than the recovery volume. the Squeeze momentum indicator flashed gray gos, indicating a period of high volatility.
LUNA experienced a massive rebound after breaking out of the downward channel on December 14th. Since then, the Alt has been climbing aggressively between two parallel canals heading north and showing no correction marks at the time of going to press. It posted an ROI of over 96.89% (from December 14th low) until it hit its ATH on December 24th.
The 20-SMA (red) stood as excellent support for the alto during the upswing. In the past two days, the bulls tested the $ 100 mark three times after showing one-sided purchasing power.
At the time of going to press, LUNA was trading at $ 100.31. the RSI hovered around the 63 mark and showed no signs of slowing at press time. Also the OBV visibly confirms purchasing power. However, it is Volume oscillator began to mark lower highs without ruling out the possibility of a short-term setback.
Last day, DOGE made a slight pullback after finding strong resistance at $ 0.1919. After retesting this level five times in the past two days, the Alt succumbed to a broader sell-off and blipped.
The bulls apparently gained strength as the Alt posted a five-day gain of 16.61% (from December 20 low). This rally marked an upward channel (yellow) on the 4-hour chart.
The most recent blip found support in the 20-SMA (red). Now the meme coin was nearing the $ 0.1919 mark (three-week resistance) for a retest. Trading volumes and OBV rose accordingly, suggesting a healthy turnaround.
At press time, DOGE was trading at $ 0.1887. the RSI crashed from overbought territory but held above 59 point, which is a strong bullish influence. the Squeeze momentum indicator now black dots were blinking, indicating a phase of low volatility.