Market Analysis of Doge, Waves, EOS,  for  December 31st 2020

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For Bitcoin, December has been crucial. During the month, the world’s largest cryptocurrency brushed past its prior all-time peak of $20,000 and is still attempting to break more records every single day, and is currently over $29,000. Needless to say, the wider altcoin market has also benefited from Bitcoin’s success over the course of the month. That being said, the path forwards for most altcoins depends on how well they can manage to maintain their momentum.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin has been pretty calm on charts over the past week as values have continued to rise between $0.0048 and $0.0042. Although prices continue to trade within a thin boundary, a break-up in the upper direction can be anticipated once the consolidation is complete. Resistance to $0.005 could be targeted if prices were to increase. Similarly, if a breakout occurs in the reverse way, prices could test support at $0.003.

The Amazing Oscillator was unclear in providing a definite response, as prices were stable. Finally, the Parabolic SAR dotted markers were above the candlesticks and indicated that values were still bullish. For the time being, the restructuring process will proceed until the break-up takes place.

Waves [WAVES]

Source: WAVES/USD, TradingView

Wave‘s got a mixed December. When rates rose to $8.90 at the beginning of the month, they cooled down and plunged as low as $5.43. For more than a week now, neither bulls nor bears have been able to gain complete hold of the market and, as a result, stocks have risen between $7.15 and $6.20. Indicators suggest that the market will belong to bulls in the near term, but it may be possible to shift in any direction.

The Bollinger Bands signalling a time of low volatility and proposed that EOS will continue to trade within its current channel. Overall, the bearishness was illustrated by the fact that stocks were trading in the lower band.

The Relative Strength Index was floating about in neutral territory, but there was a small uptick, painting some hope about prices going forwards. If the index moves into the over-purchased zone, stocks will increase and the test resistance could grow to $8.13.


Source: EOS/USD, TradingView

EOS is now struggling to recover traction after heavy sales pressure forced stocks below their help to $2,3995. Even though EOS has recovered since then, the monthly earnings still lag at a negative 12.48 per cent. Actually, stocks are trading on a thin channel of $2.67 and $2.39. Certain indications indicate that if the bulls gain hold of the market, stocks will rise beyond this channel.

The MACD was on the horizon of a bullish crossover when the fast-moving line hit the signal line. Resistance to $2.91 could be the next destination for EOS if rates were to increase.

Chaikin Liquidity Flow supported the bullish outlook as the index rose upward, suggesting that money was moving to the EOS market.



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