Overview
On Tuesday, the cryptocurrency market faced a wave of selling pressure, prolonging a downward trend in several altcoins. Despite this pullback, the overall market dynamics remain in buyers’ favor, offering new entry opportunities in assets such as Ethereum (ETH), Oasis Network (ROSE), and Helium (HNT).
Currently, the global cryptocurrency market capitalization stands at $1.66 trillion, reflecting a slight decline of 0.31% since yesterday. On the other hand, the total trading volume has witnessed a substantial surge of 23.61% over the last 24 hours, reaching $74.32 billion.
Ethereum
Ethereum (ETH) underwent a period of consolidation, fluctuating within a range of $2,400 and $2,133 in December. This lateral movement suggests market indecision but follows an eight-week rally, indicating that buyers are consolidating their gains.
The current pause in momentum, hovering above the 23.6% Fibonacci retracement level, suggests a healthy correction, potentially setting the stage for a renewed upward trajectory. Intotheblock, a prominent on-chain data provider, highlighted that Ethereum’s long-term holder base significantly expanded in December, exceeding 70%.
Currently, ETH is trading at $2,141, experiencing a minor intraday setback of 1.34%. The price is poised for a potential breakout above the $2,400 resistance, which could open the path to higher targets at $2,675 and $2,957.
Helium
Helium (HNT) displayed remarkable growth in the first three weeks of December, surging 236% from a monthly low of $2.7 to a high of $9.65. Despite the overall market turbulence, HNT experienced a 23.57% retracement, currently trading around $7.31.
According to Fibonacci retracement analysis, if Helium sustains above either the 38.2% or 50% levels, corresponding to $6.55 and $5.5 respectively, it will maintain its bullish stance. A rebound from these levels would suggest a restoration of bullish momentum, potentially leading to HNT surpassing the $10 mark.
Additionally, the middle band of the Bollinger Bands provides extra support, reinforcing the likelihood of a recovery.
Oasis Network
Aligned with the overall bullish sentiment, the ROSE token price has demonstrated a strong rally since the fourth week of October. In the last 10 weeks, the price has climbed from $0.0396 to the current trading price of $0.14, representing an impressive 264% growth.
Amidst increasing volume, ROSE has breached crucial resistances such as $0.085, $0.116, and most recently $0.137. If buyers succeed in closing today’s daily candle above this breached resistance, they will secure another stepping stone for further gains.
The post-breakout rally will likely propel the price another 15% to reach the next resistance level at $0.167. The Momentum Indicator RSI at 80% signals strong bullish momentum but also hints at a slightly overbought condition.
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