While the ‘Extreme Fear’ sentiment refused to topple, Dogecoin has pulled back almost half of its previous gains and broken its uptrend line support in the near term.
Ethereum and VeChain experienced a period of low volatility as they moved sideways after their patterned breakout. Their short-term technical indicators favor the bears.
Ether (ETH)
Source: TradingView, ETH/USD
The bearish rally seems to slacken after ETH bounced back from its long-term 61.8% Fibonacci level. After hitting a 15-week low on January 10, the king alt has gained more than 10% in the past week.
This growth helped it break a bearish channel (white) but saw a drop from the immediate supply zone (rectangle, yellow). It also becomes important to note the lower peaks on Volume Oscillator, showing the weakness of the weekly gain.
Furthermore, it started showing bearish signs after the most recent red real body engulfed the previous green body. The $3,239.8 zone is crucial for buyers to step in to prevent further declines.
At the time of writing, alt trades at $3,250. After bullish divergence in price, RSI couldn’t maintain himself in mid lane. It tested the 43 support and shows a selling bias. However, ADX has been showing a weak directional bias for ETH.
Dogecoin (DOGE)
Source: TradingView, DOGE/USD
The January 5 sell-off pushed DOGE to lose support at $0.1675 after the bears retested it several times inside a sub-channel (white). The alt then saw a 19.6% crash and hit a 5-week low on Jan. 10. Since then, DOGE has seen a solid recovery after registering an ROI on 55% through Jan 14.
However, the bears have secured the $0.1919 resistance as the price is down more than 20% over the past three days. Now, the immediate test point for the bulls is at $0.1739.
At press time, DOGE trades at $0.1704. Talk about RSI, The 33 point drop in the past three days has dragged it below the moving averages while it shows a bearish bias. Besides, CMF below the zero line, showing that the inflow has decreased. However, OBV managed to maintain its high level.
VeChain (VET)
Source: TradingView, VET/USDT
VET bounced back to reclaim the $0.076 support after an impressive 19.5% rally (from the Jan. 10 low) until a reversal from the $0.08 resistance.
This gain helped VET close above EMA ribbon. But the bears quickly reacted and pulled it back to the $0.0763 support level. Now, OBV cannot match its previous levels at the same price. This reading indicates a weak upside move.
At press time, alt trades at $0.07676. The RSI shows a bearish trend when it crosses below the midline. However, CMF depicts money volume improving when it crosses the zero line after a short-term uptrend.