Solana and Dogecoin had their short-term technical indicators flashing bearish preferences as the weekly plummets had the crypto market cap dropping billions. However, EOS and DOGE seemed to keep bullish hopes despite downtrends.
The January 5 market dip saw Solana breaking out on the four-hour chart. Meanwhile, the over 20% decline until the 15-week low on January 10 had SOL forming a climbing wedge that led to reversal from the closest supply region. However, the 20 Simple Moving Average remained a massive nearest hurdle for bulls after SOL broke down from the climbing wedge.
While publishing this content, Solana traded around $136.2525. The Relative Strength Index plunged to the 33 mark after bulls failed to maintain the indicators around 43-level. The last few days saw the RSI struggling to counter the 43 resistance. Also, the –DI and +DI flashed a selling bias without short-term converging signals. Nonetheless, the ADX showed a feeble directional trend for Solana.
Dogecoin witnessed a whopping 55.94% ROI since poking the 5-week low on January 10, touching a month-long peak on January 14. However, bears kept the resistance at $0.1919 as the meme coin retreated by more than 23.4% over the past six days.
Dogecoin created a downward channel on the four-hour chart. For now, the closest resistance stands at $0.1675 as bulls appeared to defend $0.1623. While publishing this content, Dogecoin traded around $0.1647. A more than 30-point drop since January 14 saw the Relative Strength Index swaying beneath the half-line.
For now, the indicator moves sideways, depicting bearishness. Surprisingly, Dogecoin’s on-balance volume maintained its level and didn’t match the significant dip. Such a reading suggested a potential bullish comeback.
The 19.9% correction since January 5 had EOS poking its 5-week low on January 10. However, the assets had recorded more than 14.7% recovery after overpowering its previous descending channel. Meanwhile, the seller joined at $2.9, translating to a downward channel plunge. Bulls’ closest testing point stands at the down channels topside Trendline.
While publishing this content, EOS traded near $2.769. The RSI met resistance at 43 after a downward move, flashing bearishness in the short term. Though the Awesome Oscillator exhibited a bearish outlook, it displayed green bars, suggesting increasing buying strength. Furthermore, the Chaikin Money Flow crossed the zero (0) line and suggested surged money inflows.