Since the Crypto Fear and Greed Index is only 5 points below “neutral” sentiment, the crypto market experienced a decent recovery.
As a result, Ethereum saw a highly anticipated jump above the $ 4,000 mark, but showed weak directional orientation. On the flip side, Dogecoin consolidated and DOT crossed the 50 SMA as bullish technical indicators flashed.
Ethereum (ETH)
Source: TradingView, ETH / USDT
As mentioned in the previous article, ETH experienced the expected turnaround after building a falling wedge for a month. It experienced a 10.41% incline in just six days. As a result, ETH broke the $ 4,000 mark after retesting that mark four times. For the past few days it has formed a symmetrical triangle on its 4-hour chart. Now, to confirm bullish strength, the alts will have to climb above $ 4,100 as volume increases.
Even though the bulls hit the $ 4,000 mark back, ETH saw one bearish divergence between the price movement and the RSI (trend line in blue).
Each subsequent failure finds a test point at 20-50 SMA in demand. At press time, ETH is trading at $ 4,039.01. the RSI broke 59 for the first time since December 1st, showing growing bullish influence.
although OBV has been in an uptrend for the past week but failed to hit previous levels at the 4000 mark. Furthermore, the falling volume of the volume oscillator confirms that the ETH bulls are unable to build enough buying pressure.
Dogecoin (DOGE)
Source: TradingView, DOGE / USD
DOGE has pulled back more than the previous bull run as it has lost half of its value in the past 54 days.
This exit secures the 23.6% Fibonacci resistance as the price struggles to jump to the $ 0.175 level. More, 50-SMA (in blue) is just below the upper mark and warrants an immediate checkpoint for the cops.
After the descending triangle breakout (green), DOGE found a range between $ 0.162 and $ 0.182. At press time, DOGE is trading at $ 0.1723. the RSI saw 20 points rise in two days and broke the balance in bullish direction. Even though DMI shows a slight upward trend, ADX is generally weak.
Polkadot (DOT)
Source: TradingView, DOT / USDT
Like DOGE, the DOT bear over-tested its previous rally in a bullish channel (white) when the token lost support at the $ 26 mark 16 weeks ago. Over the past few days, the bulls retested the upper channel (in green) several times until DOT saw the downward channel collapse in December.
Because of this, Super trend eventually a green sign appeared after oscillating mostly in the red area. If the bulls break the 50 SMA barrier (in blue) now, the immediate resistance will be $ 26. DOT bulls need to build more volume to start a trend reversal.
At press time, Alt is trading at $ 26.11 after posting a 5.97% gain in 24 hours. the RSI went north after a staggering 34 point gain in two days. More, DMI confirmed the bullish bias, but the ADX shows a slightly weak directional bias for the token.