The last week marked a reasonable recovery, while Ethereum and Chainlink reached their two-week highs on December 24. Ethereum seemed to hold the $ 4,000 mark and now struggled to test its immediate resistance.
SAND touched its three-week high on December 26 after forming a rising wedge pattern (reversal).
For the past nine days, ETH traded in an ascending (white) channel and regained the crucial support at $ 4000.
ETH grew almost 11.9% (from the low on December 17) and reached its two-week high on December 25. The bulls managed to hold the price above the $ 4000 level while the bears tested it twice in the last two days.
The rally continued to find resistance at the $ 4,156 mark which coincided with the upper channel (white) and 200-SMA (green). Now the immediate test support was at the $ 4,000 level.
At press time, ETH was trading at $ 4,038. The RSI saw a retreat after puncturing point 66 and now swung near the 48 mark. OBV it did not correspond to the uptrend. Furthermore, the broader directional force for ETH remained substantially weak based on the ADX.
The sandbox (ARENA)
Since December 5, SAND fell into a descending channel (yellow) on its 4-hour chart. As the bulls tested the upper channel several times, they finally saw a breakout in the descending channel.
SAND bulls crossed the 38.2% Fibonacci resistance as they recovered the crucial support at $ 6.03 after forming a rising wedge (green, reversal pattern). As a result, it reached its three-week high on December 26.
Now him 61,8% Fibonacci remained as a strong resistance. Any breakdown from here on would see test support near the $ 6.03 level.
At press time, the alt was trading at $ 6.7141 after noticing a 7.35% gain in 24 hours. The RSI It was at the 71 mark and showed a broad bullish bias. Considering the overbought RSI threat and reversal pattern, it would be natural to witness a short-term reversal.
Chain link (LINK)
After witnessing a breakout of the bearish ascending wedge on December 9, price action transposed into a descending channel and tested immediate support at $ 17.7 almost seven times in the past 13 days. However, the altcoin marked a 29.68% incline from the low of December 15 in the past 11 days.
During this phase, LINK formed a false bottom on its 4-hour chart and saw an expected breakout. Consequently, the Supertendencia continued to issue buy signals.
Now, the resistance of the $ 22.2 level held as a test point before any further rallies. At press time, LINK was trading at $ 0.0. The RSI it swung near the 63 mark, hinting at a bullish bias. He too DMI it preferred bulls and resonated with bullish momentum.
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Ethereum, SAND and Chainlink Price Analysis – Dec 26