Despite a 24-hour surge in the global crypto market cap, the Bitcoin fear and greed index plunged into an extreme fear zone. Tezos and Ethereum Classic revived from the oversold region as buyers endeavored to break out of the reversal patterns.
On the other hand, EOS broke out of its wedge and revealed increasing buying pressure.
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XTZ witnessed an 81.2% ROI (from its six-month low on 24 January) while forming an ascending channel (yellow). Then, the sellers stepped in to stall the rally at the $4.5-mark. As a result, the alt saw a nearly 26% pullback in the last 11 days.
Meanwhile, XTZ formed a falling wedge (white, dashed) on its 4-hour chart. As the buyers maintained the $3.2-floor, any close above the upper trendline of the wedge would propel a breakout. The $3.4-ceiling would be an area for investors to look out for in the near term.
At press time, the alt traded at $3.36. Over the last day, the RSI showed revival signs as it rose from the oversold region. If the buyers keep building up pressure, the alt eyed to topple the 37-resistance. But the recent pullback volumes have been higher than recovery volumes. Thus, the bulls still needed more volumes to initiate a trend-altering rally.
Ethereum Classic (ETC)
Since its nine-month low on 22 January, ETC registered a staggering 76.2% ROI and poked above the $36-resistance.
Since then, it saw a 25% pullback in the last ten days while the bears tested the $27-level. From here on, the immediate retest level stood near the upper trendline of the falling wedge (white).
At press time, ETC was trading at $28.14. Over the past 24-hours, the RSI reversed from the oversold region and tested the 42-resistance. It still needed to close above this level to open up chances for a possible breakout. Interestingly, the MACD histogram rose above its equilibrium and depicted decreasing selling influence. But its lines were still below the zero-line, hinting that the buyers were still not in control.
After hitting its 22-month low on 24 January, EOS saw an up-channel (green) 40.2% until reversing from the $2.6-level. Over the last 11 days, it saw two reversal patterns while losing over 20% of its value and testing the long-term $2.19-support.
Over the past day, the alt saw a falling wedge breakout while the sellers try to pose an obstruction near the 20 EMA (red).
At press time, EOS traded at $2.262. The RSI saw an 11 point surge in the last 24 hours as it pierced through the 39-mark. Any close above the 44-resistance would brace the RSI for a midline test. However, the CMF refrained from closing above the zero-line, still revealing a neutral sentiment.
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