DOGE, SAND, and GALA Price Analysis: 22 May
The altcoin market refrained from volatility in the last few days as reflected by the short-bodied candlesticks on most charts.
DOGE, SAND, and GALA echoed with the wider market as they saw an uptick from their multi-monthly/yearly lows on 12 May. Now, they’re struggling to break the chains of its squeeze phase while the bulls still needed to boost the buying volumes.
Source: TradingView, DOGE/USD
Owing to the broader market liquidations, DOGE sellers found renewed thrust from its April highs. On its southbound journey, the coin found some bullish resistance at its six-month trendline barrier (white). But a nearly 45% drop (from 10 May) pulled the meme-coin toward its 13-month low on 12 May.
Since picking itself from the $0.07 baseline, the altcoin curbed its volatility and transposed in a nine-day compression. Meanwhile, the buyers struggled to overturn the 20 EMA (red).
At press time, DOGE traded at $0.0845. After failing to find a spot above its equilibrium for most of the month, the RSI exhibited a strong selling vigor. The bulls needed to propel a close above the 50-mark on the index to avoid a potential fallout below the $ 0.08-level. Further, with the OBV marking lower troughs, it observed a slight bullish divergence with price.
Source: TradingView, SAND/USDT
After the trendline resistance (white) denied the previous buying rally, the sellers re-navigated the trend in their favor by pulling the price all the way to the $1.1 baseline. With the 23.6% Fibonacci resistance refuting all the recovery attempts, the SAND entered a tight phase near the $1.3-zone.
Now, the altcoin witnessed a bearish pennant on the 4-hour timeframe. A sustained close below the 20 EMA (red) could be detrimental to the buyers in the short term.
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