The crypto market entered a green zone in the last 24 hours as the Bitcoin Fear and Greed Index saw a rise of 11 points. Ether saw a 24-hour gain of around 4% which helped it cross the 20-SMA barrier.
Afterwards Elon’s Tweet, Dogecoin jumped to reclaim the $0.145-mark. Moreover, the 4-hours RSI of Ava saw a pattern breakout but still could not cross the middle line. However, for a permanent rally, the bulls still had to gather in sufficient quantities.
Ether (ETH)
While the feeling of fear in the market continued to grow, sellers intensified their influence and caused a decline on 21 January. As a result, they quickly broke the $3000 mark and turned it into resistance. ETH recorded a 33.84% loss (from January 20’s high) and touched its six-month low on January 24.
The recent declining wedge (yellow) breakout stopped at the $2,550-mark (immediate resistance). Since then, ETH bulls have tested 20-SMA (Cyan) twice in the previous day and crossed it at the end.
At press time, ETH was trading at $2,498.8. After a massive sell-off, RSI Saw an impressive revival of 32 points from its 22-month low (on Jan 22). Thus, it closed above the crucial 44-mark. But it had to close above the halfway line to confirm buying momentum. as well, MACDThe histogram was found to be a close above equilibrium. This reading indicates a waning effect of the bears.
Dogecoin (DOGE)
DOGE saw an extraordinary 55.94% ROI (from January 10 low) and touched its month-long high on January 14. Since then, the seller has moved to the $0.1919-mark. As a result, the altcoin saw a 41.18% retracement and hit its nine-month low on January 22.
As the bulls defended the $0.1262 level, DOGE saw a rise of over 15% (from January 22 lows) and reclaimed the $0.1456-support. Now, immediate resistance was at the upper trend line of the up-channel (Yellow).
At press time, DOGE was trading at $0.1466 after a 24-hour gain of 8.49%. RSI Finally jumped above the 42-point level, followed by a balance. This trajectory includes a bullish bias. although CMF A close above the zero line was not found yet, even though it was showing a weak signal.
AAVE
Alt saw a falling wedge (green) after reaching a six-week high on December 28. The subsequent breakout resulted in an up-channel (white). Since then, sellers took over as the bulls lost their edge after breaking out of the up-channel.
The AAVE lost more than 45.95% of its value (since January 16) until it hit its year-long low on January 24. Now, the $159 mark is acting as a strong hurdle for the bulls.
At press time, AAVE was trading at $153.628. RSI A descending widening wedge breakout showed a strong recovery. Still, AAVE’s volume oscillator Shows weak signals after falling below the semi-line.