Polkadot, Shiba Inu, CRV Price Analysis: 25 January
Bitcoin’s jump above its 4-hour 20 SMA over the past day seemed to pave the path for a possible recovery. Polkadot still needed to challenge the upper trendline of the down-channel to confirm a reversal.
On the flip side, Shiba Inu saw a symmetrical triangle while its near-term technicals displayed mixed signals.
Source: TradingView, DOT/USDT
The alt has been on a slump for the past 11 weeks. After the sellers stepped in at the $29.96-mark, the 5 January sell-off formed a strong supply zone (rectangle, green) for DOT. Since then, the bears took over as they breached the $23.11-mark five-month support (now resistance).
The 21 January fallout triggered a 38.34% decline, while the alt rushed to touch its 25-week low on 24 January. Now, the immediate resistance stood at the upper trendline of the down-channel. And then at the $18.8-mark.
At press time, DOT traded at $18.21. The RSI stood at the 43-mark. After testing the oversold region, it showed a solid revival by breaching the 41-mark. Further, the CMF showed recovery but was yet to cross the half-line. Also, the MACD confirmed the previous analysis, but its histogram and lines pointed at decreasing selling pressure.
Source: TradingView, SHIB/USD
As the $0.00003255 resistance stood sturdy, the down-channel (white) breakout failed to enter into price discovery. Since then, the alt swayed below its 20 SMA (red). To top it up, the 21 January sell-off saw an over 39.94% retracement until SHIB nudged its 15-week low on 22 January.
Then, it saw a strong reversal rally after the buyers stepped in at the $0.00001864-level. Now, the meme token saw a symmetrical triangle (yellow) on its 4 -hour chart.
At press time, SHIB traded above its 20 SMA at $0.00002106. The RSI bounced back from the
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