On May 12, multiple-year and monthly lows were reached for SAND, GALA, and DOGE, and on same day, all three reported significant price increases. These price increases were consistent with the behavior of the whole market. Until then, the three are battling against the constraints of tight stages while bulls need to encourage further buying.
Dogecoin sellers have regained their vigor after the broad market liquidations that occurred in April. However, throughout the alt's southern trek, it encountered some bullish resistance around the 6-month trend-line barrier. Despite this, the token's price dropped by nearly 45 percent since May 10, bringing it to a level that was its lowest in 13 months on May 12.
Following price increases from its initial level of $0.07, the meme coin went through a nine-day phase of compression, during which its volatility was reduced. On the other hand, purchasers fought tooth and nail to turn over the 20 Exponential Moving Average.
During the time that this post was being prepared, the price of dogecoin was around $0.0845. The RSI indicated a significant amount of selling pressure after failing to remain stable farther than the equilibrium for the majority of the month. To forestall any potential drops below $0.08, the bulls need to see the 50-index broken through with a closing price. In addition to this, the overall volume of the market dropped to lower troughs, which resulted in a momentary bullish divergence with the price of DOGE.
After SAND's latest bullish rally failed to clear the trend-line barrier, sellers took control of the market, and the altcoin continued its descent toward its baseline price of $1.1. Around $1.3, the gaming token began a phase of constrained trading after the 23.6 percent FIB resistance disproved the results of all retrieval trials.
In the meantime, a bearish pennant formed on the 4hr period of the alternative. A prolonged closure that is lower than the 20-period exponential moving average can be unfavorable for purchasers in the immediate term. As I was writing this blog post, the price of SNAD was fluctuating about $1.3463, representing a 4.66 percent increase over the course of the previous 24 hours.
After reaching its maximum value of 56, the Relative Strength index has recently passed through the center line and leveled out within the past couple of hours. Surprisingly, the Chaikin Money Flow indicator revealed a massive purchasing momentum along with a rapid upturn in the market. Nevertheless, purchasers of SAND may experience a temporary setback in the near term as a result of a potential regression from this surge.
After failing to defend the important $0.162 level, upside hopes for GALA were dashed. Due to the fact that the token lost this level, it gave up important price levels in the midst of many sell-offs. The most recent bearish phase drove GALA below the base line that is defined by the Bollinger Bands. The bulls responded swiftly and initiated gains from levels that were lower than the BB. However, GALA was unable to challenge $0.1 because its volatility dropped to an unacceptable level.
At the time of this publication, GALA was trading near $0.08355. After establishing strong trend-line support, the Relative Strength index continued to create brief uptrends in the market. In spite of the fact that it was demonstrating neutrality, the RSI needed a closure that was above the midline in order to prevent price drops near the bottom BB.