As the bulls reinforced their vigor over the last few days, the global crypto market cap finally closed above the $2 trillion mark. Consequently, the king alt continued its up-channel trajectory and aimed to overturn the $3,100 mark.
Dogecoin displayed an overbought position on its near-term technicals and affirmed a bearish divergence with its RSI. Further, Solana saw a classic EMA ribbons flip in favor of bulls whilst its CMF could see a short-term lapse.
During its previous descent, ETH lost the crucial $3,200-mark while the bears flipped this level to resistance. The bearish phase led ETH to lose more than half its value as it fell towards its six-month low on 24 January.
While the bulls kept the $2,300 base intact, the alt grew by nearly 46% in the last two months. Recently, ETH bounced back from its two-month trendline support (white, dashed) and witnessed two up-channels on its 4-hour chart. Now, the immediate hurdle for the bulls stood near the $3,183-mark.
At press time, ETH was trading at $3,154.7. After a recent reversal from the equilibrium, the RSI bounced back in an up-channel. After depicting a visible bullish edge, it aimed to test the 66-mark ceiling.
After dropping from the $0.13-mark to match its February lows, DOGE recovered in an ascending broadening wedge (yellow) on its 4-hour chart. The alt saw a nearly 27% ROI in the last 12 days while it reclaimed the vital $0.13-support.
Its recent rally pushed DOGE above the 20/50/200 EMA as the bulls steered the trend in their favor. Now, the three-week trendline resistance (white, dashed) stood sturdy in the short term.
At press time, DOGE traded at $0.1404. The RSI continued its gradual retracement from the overbought mark while maintaining the 54-support. Now, it saw a bearish divergence with the price. This trajectory hinted at a possible near-term pullback. Meanwhile, the MACD lines saw another bullish crossover as the buyers exhibited their heightened force.
SOL saw a nearly 57% loss since the beginning of the year and touched its six-month low on 24 February. Since then, it saw an over 40% jump toward its $102-resistance.
However, this resistance coincided with the four-month trendline resistance (white, dashed). Thus, the recovery from the $80-floor could not trigger a trend-altering rally. But with the EMA ribbons taking on a bullish flip, the buyers were still in control.
At press time, SOL traded at $102.32. After testing the midline multiple times, the CMF finally saw a revival towards the $0.20 level. Also, CMF observed a hidden bearish divergence with the price. This reading entailed a probable near-term setback.