The global cryptocurrency market capitalization finally crosses above $2T amid increased bullish activity over the past couple of days. As a result, the leading altcoin maintains an upward channel trajectory to flip the $3,100 level.
Dogecoin exhibited overbought conditions on the short-term technicals and confirmed a pessimistic divergence with the Relative Strength Index. Moreover, Solana witnessed an EMA Ribbons flip in bullish favor, while its Chaikin Money Flow might record a near-term lapse.
The previous fall saw Ethereum losing the $3,200 level as bears flipped the mark to resistance. The bearish period saw Ethereum losing over half of its price as the token declined towards 6-month lows on January 24.
However, bulls defended the $2,300 mark, supporting an approximately 46% surge over the past two months. Recent sessions saw Ether bouncing back from 2-month trend-line support, witnessing a two upward channel of the 4hr chart. For now, bulls’ nearest hurdle stands at $3,183.
Ethereum traded near $3,154 at this publication. The Relative Strength Index rebounded in an upward channel following the latest reversals from the equilibrium. The indicator targeted the 66 ceiling after displaying a bullish edge.
Dogecoin recovered within a descending wedge on the 4hr chart after plunging from $0.13 to march February lows. The altcoin recorded an almost 27% ROI within the past 12 days as ut reclaimed the vital support at $0.13.
Recent actions saw Dogecoin climbing beyond 20-50-200 Exponential Moving Average as bulls dominated the trend. Now, the 3-week trend-line resistance remained strong in the near term.
Dogecoin traded around $0.1404 at this writing. The RSI maintained gradual declines from the overbought area while keeping the 54-foothold.
Moreover, the indicator shows a bearish divergence with DOGE price, hinting at potential short-term pullbacks. However, the MACD displayed another bullish cross amid increased force by buyers.
Solana recorded an almost 57% drop since 2022 started to hit a 6-month low on February 24. Since then, the alt noted a more than 40% increase to the resistance at $102. Nevertheless, the resistance corresponded with the 4-month trend-line resistance.
Therefore, an upside recovery from $80 failed to ensure trend-altering rallies. However, the EMA Ribbons exhibiting a bullish flip means buyers are still in control.
Solana traded near $102.32 at this writing. The Chaikin Money Flow finally revived towards $0.20 after hitting the midline many times. Also, the CMF noted a concealed bearish divergence with SOL price, entailing a potential short-term setback.