While the market lurched towards a possible recovery window, the sentiment was still not entirely in the bulls’ favor. The market in general saw a decent recovery in the last three days and thus reignited the bullish sentiment.
Avalanche marked a double bottom on its 4-hour chart. With a bullish RSI, the buyers had to step in at the $96 level to confirm a further recovery. Litecoin and MANA jumped above their 20/50 SMA but failed to muster trend-altering volumes.
AVAX stopped its previous decline at the 61.8% Fibonacci support. When inverted, it posted a monstrous ROI of 67.8% (from the low of December 13) to reach its three-week high on December 22. Since then, the alt saw a 37.58% retracement and tested the $79.3 support.
Over the past week, after testing previous support, AVAX saw a double bottom on its 4-hour chart. Her cleavage was near the Checkpoint at the $89 mark. Now, the $96 zone was a vital point to break through for the AVAX bulls. Any further pullback would find testing support near Checkpoint.
At press time, the alt was trading at $94.09. The RSI marked bullish but reversed readings from the 61 mark. Also the Compression Boost Indicator suggested a phase of high volatility in the short term.
LTC managed to find a swinging range between the $167 and $143 mark until the fallout on Jan 5. After exhibiting low volatility, LTC declined more than 19% until it hit its five-month low on Jan. 10.
The bulls failed to hold the crucial support level of $143 as the bears flipped it to immediate resistance. With this jump, LTC found itself above the 20/50 MSMA.
At press time, LTC was trading at $138.7. The RSI fell after testing the overbought mark but still maintained its uptrend. It becomes important to note the lowest peaks in the volume oscillator, hinting at a weak upside move.
On its 4-hour chart, the alt saw a breakdown from the descending channel (yellow) to the two-month support at $2.7.
It succumbed to the broader selloff by retracing the previous break in a descending channel (white). Consequently, MANA hit its five-week low on January 10.
Now, with more than 17% gains in the last three days, MANA has reclaimed the $3.02 support.
At the time of publication, MANA was trading above its 20/50 MSMA at $3.0587. The RSI it tested the 60 mark once again and showed a bullish bias. Next to volume oscillator marked lower peaks, hinting at a weak up move.
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Avalanche, Litecoin, MANA Price Analysis: Jan 13