Dogecoin, Chainlink, Ethereum Classic Price Analysis: 7 December
Over the past three days, bulls managed to recover nearly half of the value lost during the massive sell-off on 3 December. As a result, Dogecoin, Chainlink, and Ethereum Classic noted daily gains. However, they struggled to gather high trading volumes.
While Chainlink bid adieu to its long-term bullish trend, Dogecoin bolstered its long-term downswing.
DOGE propelled its long-term bearish drift as the price action plunged to poke its 33-week low on 3 December. After hitting its 11-week milestone on 28 October, the alt marked a descending triangle that transposed into a down-channel on its 4-hour chart.
Bulls attempted an early December recovery but failed to hold their ground. After retesting it twice, DOGE bears finally snapped the four-month resistance at the 0.197-mark post an up-channel breakdown.
Even though the bulls slipped, they ensured the 7-month support at the $0.161-mark. Consequently, DOGE bulls managed to push clear the 20-SMA (red) hurdle.
AT press time, DOGE traded 75.5% below its ATH at $0.1798. The RSI touched its 24-week low on 3 December. It showed some revival signs, but a bearish divergence (white trendline) between the price action and RSI depicted a possible near-term bullish setback. On the flip side, the MACD displayed the recently increased bullish momentum.
LINK parted ways from its bullish trend (since July) after an up-channel breakdown and poked its 19-week low on 3 December. After hitting its six-month high on 10 November, the bulls lost their vigor as the bears ensured the 29-week resistance at the $34.9-mark.
Although the bulls tailed off, they ensured the four-month support at the $18.6-mark. Consequently, LINK traded at $19.94 after noting a nearly 10.5% 24-hour gain.
The RSI touched its record low at the 19.07-mark on 4 December. Since then, it showed some revival but could not cross the midline. Further, the DMI visibly chose the sellers with a high directional trend. Now, LINK bulls will have to propel increased volumes to avoid a likely fallback from the $20.86 hurdle.
Ethereum Classic (ETC)
After poking its ten-week high on 9 November, the bulls lost their edge as the price declined between the down channel. Then, after a 10% up-channel breakout on 25 November, the bulls failed to sustain their advantage as the price fell, marking a symmetrical triangle.
The bulls needed to sustain the 19-week support at the $44.7-mark. But they failed to uphold that level causing a further breakdown toward its seven-month low at $28.12. The bulls, however, managed to revive the seven-month support at the $37.68-mark.
Consequently, at press time, ETC traded at $39.21 after noting a 6.48% 24 hour gain. After dipping to the 12-mark, the RSI showed revival signs over the past four days. Also, the MACD projected a near-term bullish comeback as the price action crossed the 20-SMA level (red).