DOGE, SAND and GALA price analysis: May 22


The altcoin market has held back volatility over the past few days, as reflected by short-term candlesticks on most charts.

DOGE, SAND and GALA resonated with the broader market as they moved higher from several monthly/yearly lows on May 12th. Now they are struggling to break the chain of squeeze phases while the uptrend is still needed to boost buying volume.

Dogecoin (DOGE)

Source: TradingView, DOGE/USD

Due to extensive market liquidation, DOGE sellers found new thrust at their April highs. On its southward journey, the coin found some bullish resistance at the 6-month trendline barrier (white). However, with a drop of nearly 45% (since May 10th), Meme Coin fell to its 13-month low on May 12th.

After self-selecting at the $0.07 baseline, altcoin suppressed volatility and shifted to a 9-day compression. Meanwhile, buyers struggled to overturn this. 20 EMA (Red).

At press time, DOGE was trading at $0.0845. After not finding a point above equilibrium for most of the month, RSI There was a strong sell-off. The bulls had to push their close above the index’s 50 mark to avoid a potential fallout below the $0.08 level. In addition, OBV We observed some bullish divergence with the price, marking lower lows.

The Sandbox (SAND)

SANDUSDT 2022 05 22 13 17 27

Source: TradingView, SAND/USDT

After the trendline resistance (white) rejected the previous buy rally, the seller re-exploited the trend by pulling the price to the $1.1 baseline. With Fibonacci resistance at 23.6% rebutting all recovery attempts, SAND entered a tight phase near the $1.3 area.

Now altcoin has been bearish for 4 hours. continuous closing price below 20 EMA (red) can be detrimental to buyers in the short term.

At press time, SAND was trading at $1.3463, up nearly 4.66% in the last 24 hours. that much RSI It’s only leveled off the center line in the last few hours after hitting the 56 mark ceiling. surprisingly, CMF It showed a steep rise to show strong purchasing power. However, potential adjustments to this northern trip could cause short-term setbacks for buyers.

festival

GALAUSDT 2022 05 22 13 29 14

Source: TradingView, GALA/USDT

GALA lost its remaining advantage after failing to protect the $0.162 level. After losing this mark, it has sold several times and has lost a significant price point.

During the recent sell phase, GALA fell below the baseline (green). Bollinger Bands (BB). The bulls responded quickly by pushing some gains in the lower band of BB. However, the $0.1 mark presented a serious barrier and led the alt to a lower volatility stage.

At press time, GALA was trading at $0.08355. that much RSI It moved slightly higher after forming a steep trendline support (white trendline). While blinking neutral, the index had to close above the midline to prevent the price from falling into the lower BB band.

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