Although the fear sentiment eased, the bulls failed to gather higher trading volumes to represent a strong trend reversal. Consequently, SOL showed signs of weakening after touching the $ 187 level.
While Ethereum Classic and MANA saw a decent week-long rally, the overall directional trend still remained weak.
There appears to have been a strong trend reversal for SOL since it hit its two-month low on December 13. Post a descending wedge breakout (green), the altcoin consistently hit higher lows while holding the flat upper trend line (white). Therefore, it forms an ascending triangle on its 4-hour chart after a V-shaped rally for the past three days.
SOL noted a 25.61% ROI (from the Dec 13 low) and found support at the 50-SMA (red) for over a week. It is crucial to take note of the lower highs marked on the volume oscillator, which indicates a weak bullish movement.
At press time, SOL was trading at $ 184.8425. The RSI it swung in favor of the bulls, but showed slight signs of weakening. Plus, DMI showed a bullish bias, but the ADX showed a substantially weak directional trend for SOL.
Ethereum Classic (ETC)
Since November 10, ETC has been in constant decline, seeing a drop of more than 44% since then. This drop gravitated below its previous long-term support (34 weeks) at the $ 36 mark.
Since Dec 15, the bulls retested the upper channel (yellow) three times before breaking out as price swung above the midline (dotted, white). With this push, ETC managed to break above 20-50 senior High School but it still encountered immediate resistance at the $ 36 mark.
At press time, ETC was trading at $ 35.8. The RSI It was in an uptrend and peaked in a month on December 22. In addition, the TO THE noticed twin bullish peaks below equilibrium and saw expected momentum above the zero line. The DMI It also projected a bullish comeback, but the ADX showed a weak directional trend.
However, the recent bullish momentum was due to declining trading volumes, indicating a weak movement on their part.
MANA saw a breakout of the bearish pennant on December 9. This drop was transferred to a descending channel after the alt noted a 25.83% drop from December 7 to 15.
Despite the slide, the bulls secured month-long support at the $ 3.11 mark. As a result, MANA noticed a 13.2% increase in six days over 50%.senior High School (blue). This level held as resistance since the beginning of this month, but has now changed to its immediate test support, indicating a growing bullish influence.
At press time, MANA was trading 43.1% below its ATH at $ 3.3349. The RSI It was at the 55 mark and showing signs of loosening. While the DMI represented a marginal buying preference, the ADX showed an extremely weak directional trend.
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Solana, Ethereum Classic, Decentraland Price Analysis: Dec 22