While the market continues its dynamic trajectory, top altcoins like Ethereum and Shiba Inu touch their one-month low on 26 November.
Near-term technical indicators for the above cryptos and MATIC reaffirm a bearish bias that correlates with the overall market inclination.
Ethereum (ETH)
TradingView, ETH/USDT
Correlating with Bitcoin’s retracement, ETH ceased its upswing rally after striking its ATH on 10 November. The largest altcoin registered over 61% ROI (from 22 September) to touch its ATH at $4,868.
Then, as the bulls failed to counter the selling pressure, bears triggered an over 19% decline (from 10 November) to touch its one-month low on 26 November.
As a result, the price action withdrew by marking a symmetrical triangle (yellow) after breaching the up-channel. Although bulls provoked a breakout, they were unable to sustain their rally.
At press time, the alt traded at $4,108.09 after a 9.8% 48-hour loss. The RSI was at the 45-mark and showed some revival signs. While DMI visibly showed a bearish preference, MACD hinted at decreasing bearish power in the near term.
Shiba Inu (SHIB)
TradingView, SHIB/USD
After a symmetrical triangle (yellow) breakdown, SHIB steadily declined between the down channel (white) from 5 November.
The meme coin has lost over half of its value since it struck its ATH on 28 October. With profit-taking in full swing, bulls failed to hold their ground as the coin saw a 43.4% and 19.4% monthly and weekly decline, respectively. Consequently, SHIB touched its one-month low on 26 November.
Now, $0.000035 becomes a crucial mark for the bulls to uphold to prevent a further breakdown.
At press time, SHIB traded at $0.00003811. The near-term technical indicators flashed mixed signs. The RSI moved sideways after preferring the bears. Further, the DMI chose the bears, but the ADX displayed a weak directional trend. Nevertheless, the Squeeze Momentum indicator flashed black dots, indicating a squeeze phase with low volatility.
MATIC
TradingView, MATIC/USDT
The digital token saw a soaring October until the price poked its 5-month high on 29 October. However, the bears have shown resistance at the $2-mark for the past six months and continued to sustain that level. Thus, the price action withdrew in a down channel since then.
Over the next month, the token lost over one-third of its value as the price touched its one-month low on 18 November. Over the past ten days, post a bullish breakout from the down-channel, the price ascended. But the bears were quick to trigger a breakdown from the up-channel (yellow) before the bulls could continue their trend.
At press time, MATIC traded at $1.567 after noting a 7% loss in 24 hours. Bulls will need to ensure support at the $1.561-mark to prevent a further breakdown. Furthermore, The RSI was southbound and showed no revival signs.