Though fear sentiment in the market eased, bulls could not accumulate high trading volumes for massive trend reversals. As a result, Solana flashed slackening signals after hitting the $187 mark. Though MANA and Ethereum Classic witnessed lucrative weekly recoveries, the total directional trend remained weak.
SOL appeared ready for a swift trend reversal since poking a 2-month low on December 13. The alt maintained the flat top trend-line and steady higher lows after breaking out of a sinking wedge pattern. Meanwhile, SOL formed an ascending triangle on the 4hr chart following V-shaped recovery within the past 72 hours.
Solana recorded 25.62% ROI since the December 13 low and secured support near 50-Simple Moving Average for more than one week. Keep in mind that the lower highs on the volume oscillator remain crucial as they show a weak bullish push.
While writing this post, Solana trades around $184.842.the RSI showed bullish preference but flashed brief weakening signals. Moreover, the DMI indicated a bullish outlook as ADX flashed a feeble directional trend.
Ethereum Classic (ETC)
Ethereum Classic maintained downswings since November 10 and lost more than 44% of the price. The fall drags the coin under the 34-week support at $36. Meanwhile, bulls tested the top channel three times since December 15 and broke out after the price shifted beyond the midline. The push saw ETC breaking past 20-50 Simple Moving Averages but encountered the closest resistance near $36.
While publishing this post, ETC hovered around $35.8. The RSI stayed north and poked a 1-month peak on December 23. The Awesome Oscillator flashed bullish twin highs under the equilibrium before the expected push past the zero line. Also, the DMI highlighted a bullish revival. Nevertheless, the ADA projected weak directional trends.
MANA registered a bearish breakout on December 9, and the decline resulted in a downward channel. That followed a 25.84% drop between December 7 and December 15. Despite the crash, bulls maintained the 1-month support near $3.11. With that, Decentraland’s price saw a 13.3% 6-day push past the 50-Simple Moving Average. This level served as resistance since December’s first sessions. However, it has flipped into a closest testing support, confirming the surged bullish influence.
While writing these lines, MANA stood 43.2% beneath its ATH of $3.3348. The RSI stayed at 55-level while showing loosening signals. As the DMI shows buying preference, ADA indicated a vulnerable directional trend.