The industry is still capable of driving a robust comeback, with BTC fluctuating from $47,000 and $48,000. Ethereum appeared to be recovering from an oversold situation, but it was unable to acquire sufficient volumes. Furthermore, Dogecoin stabilized in a band that provided the most liquidity while displaying ambiguous signals.
Solana formed a reversal pattern on its 4-hour chart and proceeded to test the 61.8 percent Fibonacci support.
Ethereum is the open-source platform that powers the cryptocurrency ether (ETH) as well as tons of decentralized apps. From 17th December, Ethereum has been on an up-channel trend, retesting the 200-SMA (green) 4 times prior to actually dropping below the 38.2 percent and 50 percent Fibonacci supports.
A strong closing above $3,759 would validate the solidity of the Fibonacci support, which has been in place for 11 weeks. Notwithstanding a down-channel (yellow) breakthrough, the bulls were unable to overcome the above levels and the 20 SMA (red).
Now that the $3,635 support has held for more than 2 months, the alt has gained 2.3 percent in the last 24 hours. The Volume Oscillator, on the other hand, has gone down in the last day, signaling a feeble bullish trend.
At the time of publication, Ethereum was trading at $3,748.7, less than its 20-50-200 SMA. The RSI surged beyond the 33-mark upon hitting a new bottom of 18.78, but failed to reach the half-line.
Solana is a decentralized-blockchain designed to provide the globe with accessible, user-friendly applications. Upon reaching a 3-week peak on 27th December, the fast increase following the inverted head and shoulder met heavy resistance at the $203 level. Ever since, it has dropped 23.6 percent, 38.2 percent Fibonacci supports and has retraced about 15.62 percent.
The bulls, on the other hand, have maintained the golden 61.8 percent level for the better part of December. On its four-hour chart, SOL currently has a falling wedge (yellow, reversal trend). The bears were put to the test right away when they hit $169.
The alt was trading at 171.9775 earlier today. Following exhibiting small indications of resurgence, the RSI was nearing the oversold level. It would only be natural for the market to turn around at this point. Furthermore, the MACD had a bearish intensity, however its boundaries were on the cusp of crossing over to the bullish side. SOL, on the other hand, would require higher volumes to support a breakthrough from here.
Shiba Inus all across the globe like Dogecoin, an open-source P2P cryptocurrency. DOGE created a descending wedge (green) and witnessed an anticipated breakout during the preceding day. With the exit candlestick, trade volumes spiked sharply, signaling a robust bullish advance.
DOGE bears have been securing the $0.1919 and $0.1623 oscillation level for about a month following an up-channel (yellow) collapse. Additionally, the Squeeze Momentum Indicator flashed black dots once more, indicating a weak volatility phase. Traders must not be surprised by a near-term pullback.
It also traded around its Point of Control, which had the most liquidity over the previous two months. DOGE was trading at $0.0 at the time of publication. After retreating back itself from the instant barrier at the forty-four mark, the RSI went sideways.