The recent bear wave, with record trading volumes, affected the overall trend considerably. This has led Solana, Bitcoin Cash and Tron altcoins to struggle with the 38.2% Fibonacci level, according to analyst Yash Majithia.
The analyst shows signs of recovery in SOL, BCH, TRX, which fell to the lowest level in recent months on December 3, but according to Majithia, more volume needs to be collected before a bullish picture can be formed.
Solana lost approximately 32.6% of its value after November 6, and the altcoin's price dropped to a six-week low on December 3.
SOL price is trading at $186.75, down 8.8% in the last 24 hours. The RSI indicator has been bearish and has failed to cross the middle line for the past five days. Moreover, the DMI indicator also showed a bearish pattern. However, he thinks the SMI indicator shows black dots, hinting at the entry of some kind of squeeze phase with low volatility values in the short term.
Bitcoin Cash (BCH)
The bears, which have been constantly probing the support point at the $ 544 level for about three months, managed to turn things in their favor by breaking the chart in favor of the long-term bull. With the aforementioned bearish wave, the altcoin, which emerged from its three descending formations, fell to the lowest level of the last 11 months on December 3. At the time of this writing, BCH price was traded at $469.1.
The RSI indicator recovered tangibly after falling from a record position on December 3, but still failed to cross the middle line. However, the DMI indicator slightly favored the bearish. Although the bulls started a bullish wave start move on December 6, the 38.2% Fibonacci level could not be exceeded. The altcoin's AO indicator pointed to increased bullish momentum.
With TRX bears holding a resistance at $0.118 for the past six months, the altcoin's price has been on a steady decline after hitting a six-month high on November 15. TRX has moved down within a descending channel (yellow). The altcoin slumped to a 16-week low on Dec.
The price of the altcoin has been moving within a rising wedge formation in favor of the bear for the past four days. The RSI indicator has moved sideways just above the midline. The DMI indicator is bullish, while the ADX indicates a weak direction trend.