The crypto market witnesses an impressive recovery as the fear & greed index stays only five points beneath the neutral sentiment. As a result, Ethereum registered the much-anticipated surge beyond $4,000 but flashed a feeble directional trend. Meanwhile, Dogecoin consolidated as DOT flashed bullish technical after crossing the 50-Simple Moving Average.
Ethereum
Crypto analysts predicted ETH reversal after the alt formed a month-long sinking wedge. Ether experienced a 10.42% incline in six days. With that, the 2nd largest crypto crossed the $4K mark following four retests. The last few days had ETH creating a symmetrical triangle on the 4hr chart. For now, Ethereum requires a move past $4,100 with increased volumes to confirm the bullish power.
Though Ether regained the 44,000 level, the alt’s RSI and price action presented a bearish divergence. Further downtrends will secure a testing level near the 20 and 50 Simple Moving Average within the demand region.
While writing this analysis, Ethereum stood at $4,029. The Relative Strength Index broker the 59-level after battling it since December 1, showing amplified bullish influence. Although OBV maintained an uptrend since last week, it didn’t correspond to the previous price levels around the $4,000 mark. Also, the reducing volumes confirm Ether bulls might not accumulate enough buying strength.
Dogecoin
DOGE corrected more as the meme coin lost about half of its price within the past 54 days. The downswing safeguarded 23.6% FIB resistance as Dogecoin struggled around $0.175. Furthermore, the 50 Simple Moving Average stayed under this level and ensured the closest testing level for bulls.
DOGE secured an oscillation range in $0.162 – $0.182 after breaking out from a descending triangle. While publishing this post, Dogecoin traded near $0.1723. The RSI witnessed a 20 point jump in 48 hours and surged beyond the equilibrium, showing a bullish attitude. Though the DMI indicated marginal bullishness, the ADX remained significantly weak.
Polkadot
Polkadot bears over-corrected the previous bullish rally in an upward channel as DOT lost the 16-week support at 426. The last few days had bulls retesting the price channel many times until Polkadot saw a downward-channel breakout on December 21.
That way, SuperTrend finally displayed green signals after hovering in the red area mostly. As bulls challenged the hurdle at $50-SMA, DOT’s closest resistance sat at $26. Polkadot bulls should collect more volumes to trigger a trend-changing rally.
While publishing this news, the altcoin trades at $26.11, with a 5.98% gain in 24 hours. The RSI stayed northbound following a 34 point jump within 48 hours. Moreover, the DMI authorized the bullish pressure, but ADX flashed a feeble directional trend for DOT.