As the bulls recovered to re-open a recovery window, Solana broke through its 20 EMA but pulled back from its 25 EMA. Its 4-hour RSI still needed to close above the middle line to confirm a strong reversal.
Additionally, Bitcoin Cash and EOS’s RSI broke through breakeven. But they needed to inject more volumes to show a possibility of a bullish comeback.
The loss of the $167 mark was threatening for the SOL bulls as the bears continued to exert sustained pressure. On top of that, the January 21 sell-off led alt to lose the $132 level as it recorded a 43.79% loss.
Thus, he fell below all his EMA tapes and walked towards its five-month low on January 24. Since then, the alt has seen a rally of over 19% which has found resistance at the 25 EMAs.
At press time, the alt was trading at $96.74. After plunging to its lowest level, the IRS knocked out of oversold territory. He jumped over 30 points to cross the 43-point mark. But he still faced a strong barrier at the half-line. Also, the gap between the +DI and -DI improved significantly, SOL came out of the descending channel. We still had to see a bullish crossover for a continuation of the recovery.
Bitcoin Money (BCH)
as the sellers launched two sell-offs since Jan. 5, the bulls lost steam, and with it, the $419 mark. They held this mark for over a year before a 39.33% retracement (from Jan 5). As a result, it hit its lowest level in 13 months on January 24. Now, the immediate proving grounds for the bulls were at the $302 level.
At press time, BCH was trading at $301.4. the IRS was heading north after recovering from the oversold region. After breaking the vital 43 mark, he has tested the half line at the time of writing. A sustained close above 50 will help challenge the $302 barrier.
Also CME closed above the zero line, hinting at an increase in silver volumes. However, the Volume oscillator has slowed down over the past few hours. This reading indicated a rather weak bullish move so far.
Since facing resistance at the $2.9 level, the alt has fallen sharply. The breakout from the descending channel (white) was short-lived with broader fallout as EOS marked a decline of 30.41% and touched its low 22 month low January 24. Additionally, the immediate test point for the bulls continued to sit at $2.28.
At press time, EOS was trading at $2.28. the IRS undeniably showed signs of improvement but seemed to stall near the half line. Now it has been showing slightly neutral trends. Moreover, the AO asserted a position of decreasing bearish influence. However, like BCH, the Volume oscillator dipped on recent gains, revealing weak upside.