While Bitcoin crossed $ 51,200 and Ether jumped above $ 4,100, the recovery appeared to be quite fast. Shiba Inu regained its lost support of $ 0.000035 while Sandbox and BCH broke above their Fibonacci resistance levels.
Now, the bulls will need a sustained rally with high volumes to confirm a possible reversal.
Shiba Inu (SHIB)
Over the past three days, the SHIB bulls once again claimed the crucial support at $ 0.000035 for nine weeks. After a collapse of the descending channel, the alt found a longer time period support at the $ 0.000029 mark. Therefore, price action rose sharply from this level and formed an upward widening wedge.
SHIB posted a 36.34% gain from the December 20 low. The immediate hurdle for the bears was at the lower trend line (white) which also coincided with the 200-SMA (green). Any further breakdown from there would find a testing ground at the $ 0.000035 level.
At press time, SHIB was trading at $ 0.00003844. The RSI it swung near the overbought region and visibly favored the bulls. He too EMA tapes flipped after a long time to show a bullish advantage. However, the lower highs marked on the Volume oscillator indicated that buyers were not yet in full control.
The sandbox (ARENA)
Since December 5, SAND fell into a descending channel on its 4-hour chart. SAND bulls crossed the 38.2% Fibonacci resistance as it claimed $ 6.03 life support with the recent bull run.
In recent days, it found support at the midline (white, dotted) as the bulls retested the upper channel twice before initiating a breakout.
Like SHIB, SAND posted a 34.39% gain from the December 20 low. Any breakdown from here would see test support near the 20-SMA (red) at the $ 5.4 level.
At press time, the alt was trading at $ 6,1079 after noticing a 22.75% gain in 24 hours. The RSI It was at the 73 mark and showed a broad bullish bias. He too DMI confirmed the above analysis. But OBV it continued to move near its immediate support and did not mark a major spike.
Bitcoin Cash (BCH)
After forming a descending widening wedge (reversal pattern) on its 4-hour chart, the altcoin saw an expected breakout above the 23.6% Fibonacci level. The bears retested the $ 419 mark nearly six times, while the bulls consistently held this test point.
The alt saw 9.07% from Dec 20, but saw a pullback from its short-term resistance at the $ 461 mark. Now, BCH found support near the 20 (red) and 50 (green). senior High School.
At press time, the alt was trading at $ 456.8. The RSI It hit the 65 mark after showing an uptrend. In addition, the DMI it also exhibited a bullish bias. But ADX showed a slightly weak directional trend.
This is a machine translation of our English version.
We would like to give thanks to the writer of this article for this incredible material
Shiba Inu, The Sandbox, Bitcoin Cash Price Analysis: 24 de diciembre