January 18, 2022

Ethereum, Dogecoin, Polkadot Price Analysis: Dec 22

As the crypto greed and fear index is only five points below ‘Neutral’ sentiment, the crypto market sees a decent recovery.

Consequently, Ethereum saw a highly anticipated jump above the $ 4,000 mark, but showed a weak directional trend. On the other hand, Dogecoin consolidated and DOT crossed the 50-SMA while showing bullish techniques.

Ethereum (ETH)

Source: TradingView, ETH / USDT

As mentioned in the Previous article, ETH saw an expected trend reversal after forming a one-month descending wedge. It saw a 10.41% incline in just six days. As a result, ETH crossed the $ 4000 level after retesting that mark four times. Over the past few days, it has formed a symmetrical triangle on its 4-hour chart. Now, to confirm the bullish strength, the alt will need to cross the $ 4,100 mark in higher volumes.

Despite the bulls reclaiming the $ 4000 mark, ETH witnessed a bearish divergence between the price action and the RSI (blue trend line).

Any further breakdown would find a test point around 20-50. senior High School in the demand area. At press time, ETH was trading at $ 4,039.01. The RSI it broke the 59 mark for the first time since December 1, indicating further bullish influence.

Although OBV was in an uptrend for the past week, it did not match previous levels at the $ 4000 mark. Also, decreasing volumes on the volume oscillator claim that the ETH bulls were unable to build up enough buying pressure.

Dogecoin (DOGE)

Source: TradingView, DOGE / USD

DOGE retraced more than its previous bull run as it lost half its value in the past 54 days.

This pullback secured the 23.6% Fibonacci resistance as the price struggled to jump the $ 0.175 level. In addition, the 50-high school (blue) was just below the previous mark and secured an immediate test point for the bulls.

Following a breakout of the descending triangle (green), DOGE found an oscillating range between the $ 0.162 and $ 0.182 mark. At press time, DOGE was trading at $ 0.1723. The RSI saw a 20-point rise in two days and jumped above equilibrium, representing a bullish bias. Although the DMI showed a marginal bullish bias, the ADX was substantially weak.

Polkadot (DOT)

DOTUSDT 2021 12 22 13 14 57

Source: TradingView, DOT / USDT

Like DOGE, the DOT bears excessively retraced their previous bull run in an ascending channel (white) as the token lost its previous 16-week support at the $ 26 mark. In recent days, the bulls retested the previous channel (green) several times until the DOT witnessed a breakout of the descending channel on December 21.

Therefore, the Supertendencia it finally showed a green sign after hovering mostly in the red zone. Now when the bulls crossed the 50 SMA (blue) hurdle, immediate resistance was at the $ 26 level. DOT bulls will need to gather higher volumes to start a trend-altering rally.

At press time, the alt was trading at $ 26.11 after noticing a 5.97% gain in 24 hours. The RSI It was heading north after a staggering 34-point gain over two days. In addition, the DMI It reaffirmed the bullish vigor, but the ADX showed a slightly weak directional trend for the token.

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Ethereum, Dogecoin, Polkadot Price Analysis: Dec 22