Most alts are finding it difficult to sustain a smooth rally as Ethereum struggles to surpass the $3,766 resistance. The overall sentiment still remains in the ‘fear’ zone.
While stockpiling in bulk was a major hurdle, SAND and NEAR exhibited an increasing bearish effect.
Ethereum (ETH)
After a massive sell-off after breaking the up-channel (white) on December 27th, ETH saw a drop of 12.34%. The decline broke several test levels but found support at the $3,635 level which has now remained in place for almost two months.
Thus, after a downside channel breakout, ETH saw a recovery that tested the $3,766-mark five times in the past three days. During this phase, it marks higher lows while maintaining the uptrend. The movement reflected increasing buying pressure. As a result, ETH jumped above its 20-SMA (red).
although volume oscillator was still in a downtrend, indicating a weak bullish move.
As of press time, King Alt was traded at $3,742.8. After hitting its record low of 18.78, RSI Saw high peaks and troughs but failed to cross the midline. With +DI (Blue) and -DI (Yellow) heading in the opposite direction, Alt may face a near-term setback.
sandbox (sand)
SAND bulls surpassed the 38.2% Fibonacci resistance as it reclaimed the crucial support at $6.03 after forming an ascending wedge (green, reversal pattern). As a result, it touched its three-week high on 26 December.
In form of 61.8% Fibonacci stood as a strong resistance, and the expected breakdown from the reversal pattern occurred. Since then, Sand has seen a 20.39% retracement until reaching its weekly low on December 30th.
Over the past week, the alts have marked lower peaks ensuring a test point of $5.7. This trajectory indicated an increase in selling power. Any further breakdown will find support at the $5.4-mark.
At press time, the alt was trading at $5.882. RSI 46-mark and displayed a bearish bias. although obv The past one week marked an uptrend indicating an increase in buying pressure. ADX SAND displayed a weak directional trend.
near protocol
After the double bottom breakout in mid-December, NEAR marked exponential gains. It made a tremendous jump of 99.76% from its December 20 lows and reached its ATH at $16.49 on December 27.
Then after forming a bearish divergence between the RSI and price action, it exited around 20% but found support on the bullish trend (white).
Over the past few days, it formed a symmetrical triangle and broke its bullish trend line (white) support. Any further pullouts will find testing grounds at the $13.2-mark.
As of press time, Alt is in its . traded below 20-50 SMA at $14.892. RSI After flashing neutral signals staggered near equilibrium. This also DMI Confirmed previous analysis. Other than this, MACD indicated an increasing bearish momentum. although ADX Displayed a weak directional trend for the alt.