While the broader market struggled to accelerate a convincing rally to modify the downtrend, Solana continued to display range-related wobbling trends. Ethereum, however, broke through the $ 3,766 mark but still couldn’t muster enough volumes.
On the other hand, Chainlink’s short-term SMA broke through its 50-200 SMA, indicating strong bullish strength.
After a breakout of the descending channel, ETH saw a rally that broke through the support at $ 3,766 and tested the resistance at $ 3,836 three times in the past two days. The alt king has formed an ascending (white) channel on his chart in 4 hour data.
From now on, the immediate support was located at the half-line of the upstream channel which coincided with the 20-SMA (Red). However, the Volume oscillator was still in a downtrend, indicating weak bullish movement.
At time of printing, the alt was trading at $ 3,834.5. After hitting its record low of 18.78, the RSI saw higher peaks and troughs. He ultimately maintained a fence above the center line. While the DMI depicts a slight bullish preference, the ADX showed a weak directional tendency for alt.
In the last day, the alt was down 5%, but the bulls quickly recovered 61.8% Fibonacci support.
SOL continued its phase of low volatility by finding a swing range between $ 176 and $ 167. So the Squeeze Momentum Indicator always flashing black dots.
At time of printing, alt was trading at 171.3875. the RSI was at 46 after finding strong resistance near the half line. Also DMI showed a bearish preference, but the ADX exhibited a weak directional tendency.
Chain link (LINK)
Price action hovered in a bearish (yellow) channel and tested the support at $ 17.7 nearly seven times before forming a double bottom.
Over the past week, the alt has moved lower to a descending (green) wedge as the bulls provided support at $ 19.3. The recent breakout has propelled a 25.13% return on investment over the past four days. With this takeover, LINK 20 SMA crossed his 50-200 SMA hinting at one-sided bullish momentum. Now immediate resistance stood at the $ 24.46 level.
At time of printing, the alt was trading at $ 24.02. the RSI was in a clear uptrend as the overbought zone approached. In addition, the volumes and OBV saw a spike, indicating a healthy breakout.