While the feeling of fear had seeped deep, it became more difficult for the bulls to muster volumes that altered the trends. As Dogecoin and EOS continued their bearish streak, Chainlink kept hopes of a short-term revival alive for the bulls.
DOGE pulled back most of its previous gain by noticing a 21.9% drop in the past five days. This pullback secured the 23.6% Fibonacci resistance as the price struggled to jump the $ 0.175 level. In addition, the 20-senior High School (blue) was just below the previous mark and secured an immediate test point for the bulls.
The fall below the 23.6% level pushed the OBV Below its 12-week OBV support (previous). After a breakout of the descending triangle (green), the bulls found immediate support at the $ 0.162 mark.
At press time, DOGE was trading at $ 0.1722. The RSI It fell below the 49 mark, representing a selling bias. Although the DMI showed a marginal bearish bias, the ADX was substantially weak.
Chain link (LINK)
After witnessing a breakout of the ascending wedge on Dec 9, price action transposed into a descending channel and tested immediate support at $ 17.7 nearly five times in the past eight days. This slide pushed the price action below its four-month resistance at the $ 19.3 mark.
However, the altcoin marked a 15.2% incline from the December 15 low for the past four days. Now, LINK formed a ascending triangle on its 4-hour chart when the bulls increased their pressure. Consequently, the Supertendencia buy signals flashed.
At press time, LINK was trading at $ 19.62. The RSI it swung above the midline, hinting at a bullish bias, but appeared to be heading towards the midline. He too DMI it preferred the bulls while showing a slight increase in bearish power.
Over the past eight days, EOS managed to form a descending triangle after a breakout of the descending channel on its 4-hour chart. Also, after hitting its 6-week low on Dec 3, the alt saw a rally above the 38.2% Fibonacci resistance, but was unable to sustain that level. Therefore, the price plunged below that level after marking a loss of more than 17.78% in the last ten days.
At press time, EOS was trading at $ 3,224. Now the bears will try to retest the lower trend line (green). The short-term technical indications of the coin leaned towards the bears.
The RSI it was below the midline, but showed signs of weakening. In addition, the DMI Y TO THE showed a bearish tilt. However, the ADX represented a weak directional trend for EOS.
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Dogecoin, Chainlink, EOS Price Analysis: Dec 19