During November, most cryptos dipped to touch their multi-week support levels. The bulls, however, ensured those levels and attempted to trigger an upturn. Consequently, ADA and MATIC registered 24-hour gains.
Moreover, MATIC breached its long-term resistance to touch its six-month high on 3 December. On the other hand, The Sandbox flashed mixed signs.
Cardano (ADA)
After a firm down-channel decline for over 25 days, ADA finally broke out of the downtrend. The descending channel occurred after the price inclined in a rising wedge to hit its one-month high on 9 November.
This sell-off phase led to a price dip of over 35% (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.
For the past four days, bulls retested the $1.62-mark (immediate support) thrice after they eventually breached it on 2 December. Consequently, ADA noted a 9.3% 24-hour gain and traded at $1.66 at press time.
The RSI rose to its three-week high near the overbought region. Now, after flashing a bullish bias, it showed some slowing signs. This behavior possibly hinted at the bears attempting to test the $1.62-mark. Nevertheless, DMI and AO reaffirmed the bullish power.
MATIC
Source: TradingView, MATIC/USDT
After a three-day retracement phase, MATIC witnessed a staggering 46.25% ROI (from 28 November low) in just the past five days. The alt grew after marking a rising wedge on its 4-hour chart.
MATIC more or less followed the market trend as it downturned after a relishing October. After losing over one-third of its value (from 29 October high), the price touched its one-month low on 18 November.
However, bulls ensured seven-week-long support at the $1.43-mark. Accordingly, after a 48.9% 14-day jump, the price breached its six-month-long resistance at the $2.22-mark. This incline bolstered MATIC to touch its six-month high on 3 December.
At press time, MATIC traded at $2.23 after noting a 4.5% 24-hour gain. The RSI was vigorous after retesting the overbought territory for over three days. Further, DMI and MACD reaffirmed the previous conclusions.
The Sandbox (SAND)
Source: TradingView, SAND/USDT
SAND saw monstrous gains since 28 October. The altcoin saw a soaring 350% ROI from 28 October to 3 November. Then, it rallied in an ascending channel post a symmetrical triangle breakout.
Moreover, the developments in the metaverse over the past month strengthened its bullish force. The alt saw a further 315% ROI from 11 November to 25 November. As a result, the price action touched its ATH on 25 November.
However, at press time, the alt traded at $6.5341 after noting a 9.6% seven-day loss. This decline led to an up-channel breakdown for the first time in 19 days.
The RSI flashed neutral signs after swaying near the mid-line. Further, the DMI and AO displayed a bullish bias. But the ADX depicted a substantially weak directional trend.
Ecosystem
Research
News Network
About