The global crypto market capitalization decreased by 0.21% to $2.19 trillion over the last day. Well, the king coin saw a decline in its value while the major altcoins followed suit.
Ethereum was unable to climb above $4000 despite another attempt to flip the supply zone. Dogecoin was trading at the $0.171 support level, and LUNA faced a price compression on the hourly chart.
On the 4-hour chart, the price action was not favorable for ETH bulls as it failed to flip the $4000 supply area.
The Fixed Range Volume Profile of the past two months showed that the Point of Control was at $4320, well much above the current price.
A descending wedge pattern was observed (white) while the OBV made a higher low in the past few days. These are signs a bull might take heart in, but until ETH flips $4000 to support, the market would be only favorable for the sellers. As per the technicals, strong demand is likely to step in at the $3500-$3640 area (cyan box).
At the time of writing, DOGE was trading at $0.1718 which stood as its immediate support level. The meme-coin has had steady (but relatively low) trading volume alongside. The 21 SMA hasn’t crossed above the 55 SMA. Thus, indicating the dominance of bears in the market. However, the Awesome Oscillator flashed mixed signals on its histogram.
The $0.167, the 21 SMA, and the $0.17 levels are places where an aggressive trader can look to build long positions, with invalidation below the $0.159 mark.
On the hourly chart, the Fibonacci retracement levels acted as support and resistance for the price. Trading volume fell and the price appeared to form a triangle pattern over the previous day. The RSI also hovered around 50 to show neutral momentum behind LUNA.
This marked the $62.5 and $65.4 levels as strong support and resistance levels. LUNA closing outside either level will likely dictate its direction in the coming days.