With Bitcoin hovering between $ 47,000 and $ 48,000, the market has yet to be able to propel a strong recovery. Ethereum appeared to recover from an oversold position but struggled to muster enough volume. Additionally, Dogecoin has consolidated into a range offering the highest liquidity while showing mixed signs.
Solana, meanwhile, headed for 61.8% Fibonacci support after forming a reversal pattern on his 4-hour chart.
After an upstream trajectory since December 17, ETH has retested the 200-SMA (green) four times before falling below 38.2% and 50% Fibonacci supports.
A convincing close above the $ 3,759 level would confirm the strength of 11 week Fibonacci support. Despite a break in the descending canal (yellow), the upper level and the 20 SMA (red) was an obstacle for the bulls to test.
Now, as support at $ 3,635 has prevailed for more than two months, the alt has marked a 24-hour gain of 2.3%. However, the Volume oscillator fell over the past day, indicating weak bullish movement.
At time of printing, ETH is trading below its 20-50-200 SMA at $ 3,748.7. After hitting its record low of 18.78, the RSI climbed above the 33 mark but still couldn’t get over the half line.
The sharp rise after the head-and-shoulders reverse found strong resistance at the $ 203 mark after hitting its three-week high on December 27. Since then it has marked an almost 15.62% retracement to date and has lost 23.6%, 38.2% of Fibonacci supports.
However, the bulls ensured the gold level of 61.8% for the better half of December. Now SOL has witnessed a falling bevel (yellow, inversion pattern) on its 4 hour graph. The immediate test point for the bears was $ 169.
At time of printing, alt was trading at 171.9775. the RSI was close to the oversold zone after showing slight signs of recovery. A reversal of this level would only be natural. In addition, the MACD showed bearish vigor, but its lines were on the verge of a bullish cross. Nonetheless, SOL will need increased volumes to trigger a sustained breakthrough from here.
As we saw in the previous article, DOGE has formed a descending wedge (green) and experienced an expected breakout during the last day. Trading volumes saw a sharp increase with the breakout candlestick, indicating a healthy bullish move.
After an outage of the upstream channel (yellow), the DOGE bears have secured the swing range of $ 0.1919 and $ 0.1623 for almost a month now. In addition, the Squeeze Momentum Indicator again flashed black dots while hinting at a phase of low volatility. Now, short-term consolidation should come as no surprise to investors.
Additionally, it traded near its checkpoint which offered the highest liquidity over the past two months. At time of printing, DOGE was trading at $ 0.0. the RSI moved laterally after returning from his immediate obstacle at the mark 44.