As Bitcoin reclaims the $51,000 territory, Ethereum surged past $4,000. Also, Dogecoin overpowered the 23.6% FIB resistance, while MANA touched the $3.65 mark. Nevertheless, the global crypto trend still needs higher volumes to confirm a dependable reversal.
The four-hour price chart shows Ethereum breaking out following a monthly sinking wedge as the alt reversed trend with an upward channel last week. The 2nd largest coin witnessed an anticipated correction with the bearish divergence between price actions and the RSI.
Ethereum’s lower channel and the demand territory supported the surges. With that, ETH gained 6.3% on December 23, and bulls overtook the $4,000 level. They succeeded in keeping the price beyond this market after five times retest in the past ten days.
For now, Ether’s immediate resistance sat at $4,156, matching the 200-Simple Moving Average and the upper channel. While publishing this post, Ethereum trades around $4,079.79. The Relative Strength Index broke the 59-level before encountering a sharp drop following loosening signals. Nevertheless, OBV appeared against the uptrends as it remained higher near $4,150.
The past day’s actions had Dogecoin crossing the 23.6% FIB retracement following a 6.24% jump from December 22 lows. Bulls seemed to gain additional strength after Tesla’s CEO favored the token in a tweet.
However, the rally stopped around the immediate resistance of $0.182, protecting the previous range in $0.162 – $0.182. With the increase in Volume Oscillator, the meme crypto might secure support around the trend-line. Nevertheless, the latest decline volumes remained higher than surging volumes. Further breakdowns might see DOGE at the 20SMA support.
While publishing this blog, Dogecoin trades at $0.1817. The RSI dipped from the overbought area, standing at 61-level. The Squeeze Momentum Indicator (SMI) displayed grey dots, suggesting high volatility.
MANA paused its downtrends around its month-long support at around $3.02. The altcoins witnessed continuous fall after hitting their all-time high on November 25. The bounce from this mark has the alt on an upward channel within the last week.
On December 23, MANA saw a 19.49% surge, breaching the 2-week support at $3.64. After that, it encountered correction as the top channel corresponded with the 200SMA, translating to massive resistance.
While writing this news, MANA exchanged hands around $3.682. The RSI noted a 20-point increase to the overbought area and showed reversal signals.
Editorial credit: Ira Lichi / Shutterstock.com
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