As the weekly losses wiped billions off the market cap, the near-term technical indications of Solana, Dogecoin and EOS continued to skew towards the bears.
While Dogecoin and EOS saw descending channels, their indicators still kept the bullish hopes alive.
The 5 January sell-off triggered a descending triangle (white) breakout of the alt’s 4-hour chart. After an over 20% retracement until its 15-week low on 10 January, SOL formed a rising wedge that saw a reversal from the immediate supply zone (rectangle, green).
Since breaking down from the wedge, the 20 SMA (cyan) stood as a strong immediate resistance for the bulls.
At press time, the alt traded at $136.2525. While the buyer failed to uphold the vital 43-mark RSI, it dipped toward the 33-level. Over the past few days, the RSI struggled to counter the 43-point resistance. Moreover, the +DI (red) and the -DI (green) displayed a selling bias and did not flash any converging signals in the near term. Nevertheless, the ADX depicted a weak directional trend for SOL.
After poking its five-week low on 10 January, DOGE saw a staggering 55.94% ROI until it touched its month-long high on 14 January.
However, the bears ensured the $0.1919-mark resistance as the price retreated by over 23.4% in the last six days. It formed a down-channel (white) on its 4-hour chart. Now, as the bulls seemed to defend the $0.1623-level, the immediate resistance stood at the $0.1675-mark.
At press time, DOGE traded at $0.1647. An over 30 point plunge since 14 January has led the RSI to sway below the half-line. Now, it moved sideways while flashing a bearish edge. Interestingly, DOGE’s OBV continued to maintain the level and did not correspond with the substantial dip. This reading hinted at a possible bullish comeback.
With a 19.9% retracement (from 5 January), EOS poked its five-week low on 10 January. Since then, EOS marked an over 14.7% recovery after breaking out of the previous descending channel (yellow).
As the sellers stepped in at the $2.9-zone, EOS plunged into a down-channel (white). Now, the immediate testing point for the bulls stood at the upper trendline of the down-channel.
At press time, EOS was trading at $2.769. After declining alongside the down-channel, the RSI found resistance at the 43-mark. It displayed a bearish bias in the near term. Although the AO asserted a bearish bias, it flashed green bars, pointing at the slightly increasing buying power. Moreover, the CMF crossed the zero-line and hinted at increased money inflows.