Digital assets in the market are still pushing the consolidation limits. A breakout is speculated before and predicted before the end of this year. However, the low volatility in the market shows that the bull rally may be a mirage but perhaps it could occur in the first quarter of 2018. Bitcoin price, for example has dropped below $6,400 again cancelling the gains accrued in the first week of November. Ethereum price, on the other hand is locked within a tight range with a support at $205 and a range resistance at $2012. Ripple price completes the top three assets with losses of 1.64% in a 24-hour period as per the data on CoinMarketCap. The majority of the assets are recording declines as well.
Dogecoin price has been plunging massively in the last couple of weeks. The crypto has literally cancelled all the gains made towards the end of August and the rest of September. Dogecoin embarked on the gain trimming exercise in October with the price butchering various support levels.
At press time, Dogecoin has recorded a 6.5% loss in the last 24 hours. The support area highlighted by the 23.6% Fib retracement level between the highs of $0.003475 and the lows of $0.002836 around $0.0030 gave in to selling pressure in the evening session on Tuesday. The brief waterfall slide formed lows at the swing low embracing the support at $0.0028.
Dogecoin is fighting to pull back from the bear streak but indictors show that the sellers have the upper hand. The MACD is diving deeper in the negative zone, a strong sell signal. The stochastic shows that the buyers have the power to not only defend the current support but also push the price above $0.0029. A break out of the bearish trendline resistance will place Dogecoin price on a recovery journey above $0.0030.
Ethereum Classic (ETC)
This is another digital asset that is trading in the negative despite the brief recovered at the close of the session yesterday. The live data on CoinMarketCap shows that Ethereum Classic has corrected lower 0.88% in the last 24 hours. However, the digital asset broke out of the descending channel. The price had been trading lower highs and lower lows since November 7.
The declines found a support at $9.12 encouraging the bulls to push for gains testing the resistance provided by the 50% Fibonacci level with the last upswing at $9.7 and a downswing at $9.12. There is an ongoing bear correction on the hourly chart with ETC/USD trading at $9.40. The 100 SMA on the same chart is holding tight as an immediate support, assisted by the 38.2% Fibonacci level. The trend is still in the favor of the bulls who seem already exhausted. The stochastic at 88.28 and the MACD at +0.0386. The path of least resistance is sideways but Ethereum Classic must recover above $9.6 for a swing above $10.00.
ChainLink price is among the few in the green today. This asset has sustained bullish movements in the confines of a rising channel for more than 8-weeks now. Furthermore, its trend seems quite unstoppable and unbothered by the generally declining prices in the larger crypto market. ChainLink is currently supported by the lower ascending trendline while the upside is limited by the upper trendline.
ChainLink is changing hands at $0.619 and trading above the 100 Simple Moving Average. The stochastic indicator at 77.69 is a strong by signal while the MACD at +0.0269 confirms the viability of the signal for buyers. A short-term support will halt declines at $0.50 and another support $0.45 will come in handy in case of extended declines. ChainLink also has a primary support zone highlighted by $0.25.