Cryptocurrency bulls find challenges gathering trend-altering volumes as fear sentiment dominates the market. As EOS and Dogecoin continued with bearish moves, Chainlink maintained an impressive short-term revival.
Dogecoin (DOGE)
Dogecoin lost most of its recent gains by registering a 21.9% drop within the past five days. The downswing safeguarded 23.6% FIB resistance as the coin struggled to rise beyond $0.175. Furthermore, the 20-Simple Moving Average stood under the level above and kept the closest testing level for bulls.
The drop under 23.6% pushed the on-balance volume beneath a 12-week OBV footing. Meanwhile, Bulls secured the nearest support neat $0.162, following a sinking triangle breakout.
While publishing this content, Dogecoin hovered at $0.1722. The Relative Strength Index plummeted under the 49-level, showing a selling preference. Moreover, the ADX was weak as DMI showed marginal bearishness.
Chainlink
LINK’s price movements hovered in a downward channel after a climbing wedge breakdown on December 9. The alt has tested the closest support around $17.7 almost five times within the past eight days. Moreover, the downswing pushed Chainlink under its 4-month resistance level of $19.3.
Nevertheless, LINK has experienced a 15.3% increase since December 15. For now, the alt printed an ascending triangle on the 4hr chart as bulls amplify their strength. As a result, the Supertrend displayed buy signals.
While writing this content, Chainlink traded near $19.62. The RSI fluctuated beyond the half-line, showing bulls’ preference. Moreover, the DMI flashed increased bearish power.
EOS
The last eight days have had EOS forming a descending triangle. That was after breaching a downward channel on the four-hour chart. Also, the altcoin rose above 38.2% FIB resistance after poking a six-week low on December 3. However, EOS failed to maintain that level. With that, the price dipped under the mark following a more than 17.78% crash over the last ten days.
While writing this article, EOS hovered near $3.223. Bears might try retesting the bottom trend-line again. Meanwhile, the short-term technical indicators support bearish actions.
The Relative Strength Index displayed slackening signals while under the half-line. Moreover, the Awesome Oscillator and DMI flashed bears’ momentum. Also, the ADX shows EOS’s weak directional trend.
