Solana, EOS, Dogecoin Price Analysis – January 20

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.

Solana (SOL)

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 (DOGE)

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.

EOS

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.

By Edward Richardson
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