The past two days witnessed a notable rally for most of the alts as Ether crossed the $ 4,000 mark. But the bears were quick to avoid a sustained bullish rally. Consequently, Litecoin continued its descending triangle while displaying weak short-term techniques.
Avalanche found immediate test support at the 23.6% Fibonacci level, while Algorand struggled to cross the $ 1.39 mark.
AVAX was one of the few cryptocurrencies that consistently found higher Fibonacci supports during the last eight days. The alt posted a monster ROI of 55.3% in nine days. Although it invalidates its long-term uptrend line (since July), it rallied from the golden 61.8% Fibonacci level.
The digital currency experienced an expected breakout of the rising wedge, but found support at the Fibonacci mark of 38.2%. As a result, the alt saw a V-shaped rally over the past two days, but saw resistance at the $ 126 mark. Any pullback from here would find test support at the 23.6% level.
At press time, AVAX was trading above its 20-50-200 Simple Moving Average (SMA) at $ 121.03. The RSI It retested the overbought region six times since Dec 15 while finding support at the midline. In addition, the MACD continued to show a bullish bias.
ALGO performed rather poorly after hitting the $ 2.04 mark on December 2. Then the price action saw a substantial collapse as it fell below the $ 1.84 mark.
As a result, after forming a bearish flag, it broke further below the $ 1.39 mark (15-week resistance) in a descending channel (yellow). As the coin experienced a recovery of almost 9.43% in two days, it experienced a retracement from the aforementioned level which also coincided with the upper channel.
At press time, ALGO was trading at $ 1.3756. The RSI it stood at level 54 but struggled to stay above the midline. He too DMI showed a slight bullish bias with a weak directional trend. Despite the price action marking new lows, the OBV seemed to find strong support in the short term, indicating the possibility of easing the selling pressure.
LTC boosted its downtrend after a breakout of the ascending channel on December 3 when the price action moved below its 12-week resistance at the $ 156 mark. After an expected breakout of the bearish flag, the stock of the price found an oscillating range between the mark of $ 143 and $ 156.
During the last 18 days, LTC formed a descending triangle marking lower highs while holding the $ 143.5 support. It is not surprising to see the Supertendencia a for sale signal flashes.
At press time, LTC was trading above its 20-50 Simple Moving Average (SMA) at $ 154.6. The RSI held above the midline for the past day, but seemed to loosen. In addition, the DMI The lines were on the verge of a bearish crossover but showed a weak directional trend. The Squeeze the momentum continued to hint at the compression phase with low short-term volatility.
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Avalanche, Algorand, Litecoin Price Analysis – Dec 22