With Bitcoin clocking in a 4.65% 24-hour gain, at press time, domino effects are seen on multiple cryptos. To start with, Ethereum crossed above its 4-hour 20/50 EMA post its down-channel breakout. However, now it could see some roadblocks near its high liquidity range.
On the flip side, Fantom and PancakeSwap struggled to overturn their 20 EMA while their near-term technicals tilted in favor of sellers.
Ether (ETH)
Source: TradingView, ETH/USD
Keeping a bird’s eye view on a three-month timeline, ETH managed to bag in newer peaks and troughs. The buyers have gradually started maneuvering the long-term outlook in their favor.
During the recent sluggish phase, ETH lost the crucial $3,000-mark while the bears found a cushion at the $2,800-level. The sellers pulled down the second biggest alt to test the lower trendline of its long-term falling wedge (yellow). As an outcome, the bulls quickly reacted while pushing ETH above the 20/50 EMA.
At press time, ETH was trading at $2,998.3. After a reversal from the oversold mark, the RSI bounced back in a well-needed rally over the last day. Also, the CMF peaked to depict a rush in money volumes over the past day. But with its recent peak, it bearishly diverged with the price. So, a short-term setback could be likely before the bulls re-enter to display their edge.
Fantom (FTM)
Source: TradingView, FTM/USDT
Since closing below the $1.6-level, FTM bears forced a steep downfall whilst maintaining its three-week trendline resistance (white, dashed). The digital currency lost nearly 41.3% of its value (from 2 April) and hit its seven-month low on 25 April.
Mimicking the broader recovery, the alt was up by over 7.83% over the past day. A close above the 20 EMA (red) would be imperative to gain even a short-term edge and test its resistance in the $1.1-mark.
At press time, FTM was trading at $1.0603. The RSI could not find a spot above the mid-line and exhibited a slightly bearish stance. Additionally, MACD‘s histogram jumped the zero-mark, but its lines were yet to follow. All in all, the bulls had some serious work to do in toppling its immediate price barriers.
PancakeSwap (CAKE)
Source: TradingView, CAKE/USDT
The sellers have finally seemed to puncture CAKE’s six-week trendline support and flipped it to resistance. In its recent slip, the altcoin paid no respect to the $8.6-support while continuing its southbound rally.
Consequently, the price is being bogged down to the lower band of the Bollinger Bands. A likely recovery from its immediate defending zone could help dress the wounds of the recent fall.
At press time, the digital currency traded below 81.1% of its ATH at $8.246. The RSI was still in denial for a bullish edge as it continued to ride south. An extended correction from here could propel a recovery from the oversold mark.