KogoCrypto Market Analysis of Ethereum, Tezos, Dash, December 29th 2020

After hitting a local high of $747, Ethereum saw a pullback. Tezos broke out of a triangle pattern, but was forced to reconsider the level of funding, while Dash experienced a rise in short-term sales pressure. It did, however, form a bullish trend on the charts, and the bulls’ conviction could see its price increase.

Ethereum [ETH]

Using the Fibonacci Retracement Tool to shift Ethereum from $551 to $747, some significant levels of support for an ETH pullback are highlighted.

38.2 percent and 50 percent are typically checked for pullbacks. Over the last few hours, the average trading volume for ETH has fallen 6.5 per cent from its local peak.

The MACD was on the verge of forming a bearish crossover to signal short-term sales pressure. The 23.6 percent amount has already been checked, and the trading session below will see ETH head to $665, and probably even as low as $641.

Tezos [XTZ]

XTZ developed a symmetrical triangle pattern and pushed under the pattern to search for stop-loss orders until the price reversed and broke upside down in a bid to challenge the $2.24 resistance, where it faced heavy selling pressure.

These sales orders have pushed the price down to $2 in help over the last few hours.

The RSI rose above the neutral 50 line and retested it as support for a short-term uptrend for XTZ. The amount of trading on the upside of the breakout was also high.

Dash [DASH]

Over the last few days, DASH has developed an ascending and inverted scallop pattern on the charts. This trend will be vindicated by a trading session close above the $113 resistance mark, followed by a move to $135 in the coming weeks.

However, before DASH is able to see a breakout, the OBV should emphasise increased purchase volume. Over the past few weeks, DASH has seen increased volatility, and OBV has shown that more sales than transactions have occurred in the past few days.

Moving above the downward trend line, OBV would suggest that a price rise would follow, and could see the resistance levels of $104 and $113 moved to support.

A step below the $100 psychological level might see a DASH dip to $93.

 

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