The global market capitalization saw a slight surge within the past 24hrs, reclaiming $1.8 trillion. That way, Ethereum, VeChain, and Dogecoin recorded marginal recoveries. That came after Bitcoin recorded trend-altering moves. The alts still should infuse volumes as buyers motivate the recovery move.
Ethereum lost the $3,000 and $2,700 support levels amid the latest fall as bears flipped the zones to resistances. That had Ethereum on a 33.8% fall since January 20 high to touch 6-month lows on January 24.
Meanwhile, ETH consolidated within an upward channel within the last few days, printing a bearish flag on the 4hr chart. The closest resistance remained around the upward channel’s half-line. While publishing this article, Ethereum traded at $2,623.
RSI witnessed a remarkable 43-pony revival after the broad sell-off. The indicator finally crossed its midline to test 58 three times within the past 48hrs. Meanwhile, the volume oscillator declined under the zero line, suggesting weak bullish actions.
Dogecoin recorded a 41.2% correction to hit 9-month lows on January 22. Since then, the meme crypto entered a recovery phase as it tests the immediate resistance around $0.1456. Buyers appear at $0.1379 to stall the upward channel breakdown. With that, DOGE’s price recovery overpowered 50-ema around $0.1456. Further retracements might secure a testing point at $0.1379.
While publishing this article, Dogecoin traded at $0.1428. The RSI steadied beyond the midline since yesterday after the latest revival. The indicator encounters resistance at 54. Moreover, the northbound Chaikin Money Flow revealed bullishness after crossing the zero-line. Nevertheless, the ADX highlighted extremely feeble direction bias for DOGE.
Bulls could not defend the resistance at $0.05856 (previous support) as bearishness dominated. VET lost around 41% of its price since January 20, plunging towards 11-month lows on January 24. The last few days had the alt printing a bearish flag on the 4hr chart. Bears have tested the lower channel over the past 48hrs. Any comeback by bulls would meet a ceiling around $0.05856.
While writing this analysis, VET traded beyond 50 and 200SMA at $0.05488. The Relative Strength Index still required a close beyond 57 to authorize massive recovery. The Chaikin Money Flow favored buyers after a remarkable upsurge yesterday. Nevertheless, on-balance volume failed to match the latest uptick, suggesting slowdown potential.