Ethereum, SAND, Chainlink Price Analysis: December 26th
Last week marked a reasonable rebound as Ethereum and Chainlink hit two-week highs on December 24th.
The SAND hit a three-week high on December 26th after forming a rising wedge (reversion).
For the past nine days, ETH has been oscillating within a rising channel (white) and regaining the important support level of USD 4000.
ETH rebounded nearly 11.9% (from December 17th low) to hit a two-week high on December 25th. The bulls managed to keep the price above the $ 4,000 mark while the bears have tested it twice in the past two days.
The rally continues to find resistance at $ 4,156, which coincides with the upper channel (white) and the 200-SMA (green). Now, immediate trial support is $ 4,000.
At the time of writing, ETH is trading at $ 4,038. the RSI has seen a pullback after breaking 66 points and is currently near 48 points. However, OBV does not correspond to an upward trend. ETH’s broader directional strength also remains fundamentally weak ADX.
Since December 5th, SAND has fallen into a bearish channel (yellow) on its 4-hour chart. When the cops tested the upper channel several times, they eventually saw a breakout from the lower channel.
The SAND bulls broke the 38.2% Fibonacci resistance when they recaptured key support at USD 6.03 after forming a rising wedge (green, reversal pattern). As a result, it hit a three-week high on December 26th.
Now, 61.8% Fibonacci stands as a strong resistance. Any failure from here will run a support test near the $ 6.03 level.
At press time, Alt is trading at $ 6.7141 after posting a gain of 7.35% in 24 hours. the RSI was 71 and showed a wide uptrend. Given the risk of an overbought RSI and reversal pattern, a pullback is evident in the short term.
Chain link (LINK)
After breaking the rising and falling wedge on December 9th, price action turned into a falling channel, testing the immediate support at $ 17.7 nearly seven times in the past 13 days. However, the altcoin has seen a slope of 29.68% over the past 11 days from the December 15th low.
During this time LINK was founded Double floor on the 4 hour chart, seeing an expected breakout. Through which, Super trend continue to issue a buy signal.
Now the resistance level of USD 22.2 stands as a test point before another rally. At the time of writing, LINK is trading at $ 0.0. the RSI fluctuates near 63 indicating an uptrend. Besides that, DMI favored the bulls and resonated with the bullish momentum.