Dogecoin, Chainlink, EOS Price Movement Analysis for 19th December, 2021

Dogecoin, Chainlink, EOS Price Movement Analysis for 19th December, 2021

While fear sentiment had deeply seeped in, it became tougher for the bulls to gather trend-altering volumes. As Dogecoin and EOS continued their bearish streak, Chainlink kept the near-term revival hopes alive for the bulls.  

Dogecoin (DOGE)

TradingView, DOGE/USD

DOGE has lost 21.9 percent in the last five days, retracing much of its prior gains. As the market struggled to break through the $0.175 level, this pullback ensured the 23.6 percent Fibonacci resistance. Furthermore, the 20-SMA (blue) was slightly below the above mark, providing bulls with an instant test point.

The OBV fell below its 12-week OBV support after falling below 23.6 percent (previous). The bulls found instant support at $0.162 after breaking out of a descending triangle (green).

DOGE was trading at $0.1722 at the time of publication. The RSI dropped below 49, signalling a selling tendency. The ADX was significantly weak, despite the DMI's minor bearish tilt.


Chainlink (LINK)

TradingView, LINK/USDT

Following a rising wedge breakdown on December 9, the price action moved into a down-channel and challenged $17.7 as immediate support approximately five times in the following eight days. This decline took the price action below a four-month-old resistance level at $19.3.

Over the last four days, though, the altcoin has risen 15.2 percent from its low on December 15th. As the bulls upped their pressure, LINK established an ascending triangle on its 4-hour chart. As a result, the Supertrend displayed buy indications.

LINK was trading at $19.62 at the time of publication. The RSI swung over the half-line, indicating a bullish bias, although it appeared to be heading towards the midline. The DMI also favoured the bulls, despite a minor increase in bearish power.



TradingView, EOS/USDT

After a down-channel breakdown on its 4-hour chart, EOS managed to create a descending triangle during the last eight days. The alt also had an upturn over the 38.2 percent Fibonacci resistance after poking its 6-week bottom on 3 December, but failed to sustain that level. As a result, the price fell below that level after losing roughly 17.78 percent in the previous ten days.

EOS was trading at $3.224 at the time of publication. The bears will now attempt to retest the lower trendline once more (green). The coin's technical indicators were biassed towards the bears in the short run.

The RSI was below the half-line, but it was showing signs of slackening. In addition, the DMI and AO also showed a bearish bias. Despite this, the ADX for EOS showed a weak directional trend.


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