While the Bitcoin fear and greed index saw a 6 point rise in 2 days, the bulls gained some movement as Bitcoin and Ethereum surged by more than 2.5% in the last 24 hours.
However, the Shiba Inu bulls struggled to trigger an uptrend after the bears broke the 61.8% Fibonacci support.
On its 4-hour chart, ETH formed a long-term reversal pattern by witnessing a falling wedge over the past month. However, you saw a symmetrical triangle (green) in the last seven days.
After testing it several times, the bears finally broke 38.2%. Fibonacci (previous support) to push $ 3,503. But price action rebounded from the Fibonacci support of 61.8%.
ETh saw a decent 9.07% recovery over the past three days in anticipation of a bullish divergence to occur between the RSI and price action (yellow trend line). But this rally stopped at the $ 4,000 level when the bulls test that level a second time.
ETH bulls will need to support their rallies with increasing volumes to change the $ 4,000 mark as support. The RSI encountered short-term resistance at the 59 mark as it headed towards the midline. The DMI showed a bearish bias but failed to show a strong directional trend for ETH.
Shiba Inu (SHIB)
SHIB saw a breakout of its V-top on December 2 and formed a descending channel (yellow) for the past 15 days. The alt witnessed a decrease of more than 40.53% in 18 days in its value.
This slide broke the golden 61.8% Fibonacci level, while the bears also broke the crucial resistance at $ 0.000035. Then when the half line (white, dashed) of the descending channel became an immediate obstacle, the bears tested the lower channel (yellow) three times in the last six days.
At press time, SHIB was trading 63.3% below its ATH at $ 0.00003166. The RSI it could not stay above the mean line during this month. In addition, the OBV he lost his previous long-term support.
ALGO performed rather poorly after hitting the $ 2.94 mark on Nov. 18. Then the price action saw a substantial collapse as it fell below the $ 1.84 mark. After forming an ascending (white) channel, the bulls broke the aforementioned level, but succumbed to a wider sell-off on December 3.
As a result, after forming a bearish flag, it broke further below the $ 1.59 mark (three-month resistance) in a descending channel (yellow).
However, at press time, ALGO was trading at $ 1.3924 after posting a 2.6% gain in 24 hours. Consequently, it saw a breakout above the upper channel. The RSI He struggled to cross the half line as neutral signals flashed. Despite the price action marking new lows, the OBV appeared to find strong support in the short term, indicating the possibility of stalling the selloff.
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Ethereum, Shiba Inu, Algorand Price Analysis: Dec 19