Since passing over the upper trendline, Elrond negated a falling triangle. Polkadot seemed unsure of breaking through the $38.2 support on low volume. Tezos travelled horizontally within a channel and predicted an upward escape.
Meanwhile, Bitcoin was valued at $57,226 at the time of writing, with a 24-hour trading rate of more than $46.4 billion.
As the market pushed north of the $136.8-resistance, it broke above the upper trendline, negating a falling triangle on Elrond. Though there was a retest at the aforementioned mark, the bulls were able to keep the price above the newly flipped resistance line. The MACD line remained above the Signal line, despite the fact that the histogram indicated some waning bullish momentum.
The Chaikin Money Flow index moved above the equilibrium level, suggesting that capital inflows may have helped EGLD’s resurgence above the $136.8 level. The bulls’ next objective was the $152.9 mark.
Polkadot bulls’ short-term goal was above $38.2 resistance, which has been dominated by sellers. Though the world’s sixth-largest cryptocurrency was rising at the time of publishing, the increases were insufficient to justify an upward breakout towards its immediate ceiling. A 28% drop in 24-hour trading volumes contributed to the scepticism, which did not bode well for a large price swing in the coming sessions.
The ADX hovered around 17 and demonstrated the market’s lack of a theme. The MACD line shifted below the Signal line, indicating weakening bearish traction, according to the histogram. A bullish crossover can cause a switch away from the current channel.
Tezos‘ price range of $3.7 to $4.5 demonstrated strong oscillation between the two trendlines, and an upward breakout was predicted in the short-medium term. The bullish forecast came after XTZ rose north after switching between its previous $3.2-$3.7 channel. However, at press time, the price was at the midpoint of its channel, indicating a healthy market.
The RSI remained flat at 50, while the ADX descended from 20. The previous breakout occurred on high volumes, and a bullish result from the new channel must also occur on high volumes.
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