The past three days witnessed a bull attempt to revive from the steady pulldown since last month.
Accordingly, after hitting their multi-month lows on 28 November, Cardano, XRP, and Ethereum Classic have bounced from their long-term support levels.
Source: TradingView, ADA/USDT
ADA has been firmly declining for over four months now. After poking its 11-week low on 27 October, the bulls triggered an uptrend as the price inclined in a rising wedge to hit its one-month high on 9 November.
However, as the bulls failed to uphold ADA’s value, the ascending wedge breakdown transposed in a down-channel (yellow). This sell-off led to a price dip of over 40% (from 9 November) as the price poked its 16-week low on 28 November. After which, the price action obliged the trend by stepping back into it.
After retesting the upper channel, ADA traded at $1.586 at press time. The RSI flashed neutral signs as it swayed near the midline.
However, a bearish divergence between the price action and the RSI affirmed the probability of a continued downturn. Further, DMI was skewed in favor of sellers, while the MACD showed a slight bullish bias.
Source: TradingView, XRP/USDT
XRP persistently declined after striking its two-month high on 10 November. Since then, the bulls visibly failed to counter the sell-off as the trend flipped in favor of bears. With this downfall, XRP withdrew by marking a falling wedge pattern. As a…