The last few days have seen several bullish efforts to initiate recovery on the charts. As a result, XRP saw a sustained rally and hit the $1.01-mark. Filecoin and EOS too have been in the green zone over the last two days.
However, the Crypto Fear and Greed Index is still flashing the ‘fear’ sentiment. Thus, it is difficult for bulls to gather a trend-altering impetus.
XRP fell into a minority by sustaining a three-day rally after forming two ascending triangles on its 4-hour chart over the past 19 days. The alt saw a 20.76% two-day jump and broke above the $0.958 testing level as it formed a rising wedge (green).
While a bearish divergence occurred between the RSI and price action (white), it saw a pullout from its month-long resistance at the $1.01-mark. Further, the volume oscillator marked new lows during this upturn, rather than rising, visibly indicating a weak bullish motion.
At press time, XRP was trading above its 20-50-200 SMA at $0.9932. The RSI swayed in the overbought region for the past 24 hours after it poked its ten-week high on 20 December. A pullback from here would only be natural. The AO marked higher highs and displayed an increasing bull momentum, but the volumes confirmed the weakness of the price trend.
After a descending triangle breakdown on a longer timeframe, FIL repeated the bearish pattern through this month. After an expected breakdown on 20 December, it saw a 5.14% incline over the past two days.
However, the 50-SMA (blue) restricted this upturn. Except for a handful of times, FIL was below this level for over three months. Although the recent push entailed high volumes, the Supertrend resonated with the long-term tendencies and favored the sellers.
At press time, the alt was trading at $35.8499. The RSI continued to face immediate resistance near the midline. Furthermore, the ADX shared a weak directional trend for FIL.
EOS saw a symmetrical triangle breakout over the last two days. The bears retested the $3.09-level multiple times, but the bulls held their ground and propelled a 9.17% two-day rally.
The alt found an oscillating range between $3.4 and $3.09 over the last 14 days. As a result, The Squeeze momentum indicator resonated with the consolidation tendencies and flashed black dots. Like XRP, the volume oscillator marked new lows during this upturn rather than a hike, visibly indicating a weak bullish motion.
At press time, EOS was trading at $3.364. The RSI was above the half-line as it moved sideways. The ADX continued to display a weak directional trend for FIL.