The past few days witnessed a bullish recovery attempt while the market-wide sentiment exhibited a bearish inclination. Shiba Inu struggled to cross the 20 SMA and found it difficult to cope after losing the $0.000035 level. Litecoin followed Bitcoin’s trajectory but failed to back it up with trend-altering volumes.
On the other hand, after striking its ATH on 27 December, NEAR continued to trade above its 20-50-200 SMA.
Shiba Inu (SHIB)
Source: TradingView, SHIB/USD
After re-claiming, SHIB bulls again flipped the crucial $0.000035 nine-week support to its immediate resistance. This level also concurred with the 20-SMA (red). Post a down-channel breakdown, the alt found long-term support at the $0.000029-mark.
Accordingly, the price action saw a 39.12% jump from this level and poked its three-week high on 24 December. The $0.0000378-level showed a strong resistance as the price action saw a pullback after testing it multiple times over the past week.
SHIB needed a sustained close above its 50% Fibonacci support to confirm the strength of the falling wedge breakout.
At press time, SHIB traded at $0.00003387. The RSI swayed near the 38-mark. Further, the DMI favored the sellers and confirmed RSI’s preference. While the price moved near its Point of Control (red), a near-term trend commitment seemed unlikely.
Litecoin (LTC)
Source: TradingView, LTC/USDT
After breaching its oscillating range between the $143 and $156-mark for a brief time, LTC obliged its one-month resistance at the $167-level. Thus, It saw a pullback in a down-channel (white) on its 4-hour chart. This trajectory correlated with Bitcoins’ down-channel over the past week.
The bulls upheld the $143 support level for nearly five months now while the bears kept retesting it multiple times. Now, as see a down-channel breakout, the bulls are testing the upper channel and the 20-SMA (red).
At press time, LTC traded at $151.7. The RSI crossed the half-line after marking higher peaks and troughs. Also, the MACD histogram crossed the zero-level, indicating increasing bullish power.
However, the pullback volumes have been higher than the incline volumes hinting at a weak bullish motion. Additionally, the OBV did not mark a corresponding spike in its trajectory.
Near Protocol (NEAR)
Source: TradingView, NEAR/USDT
After oscillating in a down-channel, NEAR broke out of the double-bottom formed its 4-hour chart. It jumped by a staggering 99.76% from the 20 December low and poked its ATH at $16.49 on 27 December. Then after forming a bearish divergence between the RSI and price action, it pulled out by nearly 20% but found support at the bullish trendline (white).
At press time, the alt traded above its 20-50-200 SMA at $15.498. This price was near its immediate $15.46-resistance (previous).
The RSI constantly marked higher lows and depicted bullish preference. Also, the DMI reaffirmed the previous analysis. Further, the MACD confirmed RSI’s conclusion. However, the Volume Oscillator marked lower highs over the past three days.
