Ethereum, Dogecoin, SAND Price Analysis: 30 December

As the crypto fear and greed index dipped into the ‘extreme fear’ zone, ETH and Dogecoin fell below their 20-50-200 SMA. Ether struggled to cross the $3,766-level while SAND looked at $5.4 as testing support. 

The overall near-term technicals for these cryptos were skewed towards the bears.

Ethereum (ETH)

Source: TradingView, ETH/USD

After a month-long falling wedge (yellow), ETH bulls lost the 38.2% Fibonacci support as the bears endeavored to test the immediate support at the $3,635-level. The up-channel (white) rally soon halted after the bulls retested the 200 SMA four times until succumbing to a broader sell-off. 

ETH price action saw nearly 12 red candles out of the last 15 candlesticks. The alt still did not get a decent recovery chance. A convincing close above the $3,759 level would confirm the strength of the 11-week-long support (now resistance). 

At press time, ETH traded below its 20-50-200 SMA at $3,707. The king alt’s RSI poked its record low at the 18-mark after a 39 point three-day plunge. It needed to cross the 33-mark resistance to confirm a strong reversal towards the midline. 

Dogecoin (DOGE)

Source: TradingView, DOGE/USD

Over the past few days, DOGE saw a pullout after finding strong resistance at $0.1919-level for almost a month now. After retesting this level at least six times in the last week, the alt dipped in a falling wedge (green) on its 4-hour chart. 

As a result, DOGE lost the 38.2% Fibonacci support but continued to ensure the 61.8% level. Moreover, the recent fall pushed the price below its 20-50-200 SMA. 

Now, the meme-coin attempted a reversal breakout. The trading volumes and OBV saw a corresponding spike with the last two green candles, indicating a healthy retrieval attempt.

At press time, DOGE traded at $0.1722. The RSI saw a surge, but it needed to close above the midline to confirm any reversal chances. The Squeeze Momentum Indicator now flashed grey dots, hinting at a high volatility phase. 

The Sandbox (SAND)

Source: TradingView, SAND/USDT

Since 5 December, SAND fell in a down-channel (yellow) on its 4-hour chart. As the bulls tested the upper channel multiple times, it finally saw a down-channel breakout. 

SAND bulls crossed the 38.2% Fibonacci resistance as it reclaimed the crucial $6.03 support after forming a rising wedge (green, reversal pattern). As a result, it poked its three-week high on 26 December. 

While the 61.8% Fibonacci stood as a strong resistance an expected breakdown occurred from the reversal pattern. SAND saw a 14.62% retracement over the past four days. Any further breakdown would find testing grounds at the $5.4-mark.

At press time, the alt traded at $5.7951. The RSI was at the 42-mark and displayed a bearish bias. Further, the OBV too recorded lower lows and resonated with the decreased buying pressure.

This news is republished from another source. You can check the original article here.

Be the first to comment

Leave a Reply

Your email address will not be published.


*