Avalanche, Litecoin, NEM Price Analysis – Dec 16

While Avalanche defied broader market trends by noting skyrocketing gains, Litecoin and NEM refrained from leaving the bearish train. The last two cryptocurrencies formed reversal patterns on their 4-hour chart while flashing mixed short-term signals.

Avalanche (AVAX)

Source: TradingView, AVAX / USDT

AVAX persistently slackened after hitting its ATH on November 21. As a result, the price action saw a breakout of the ascending channel and formed a bearish flag. This drop also invalidates its long-term uptrend line (since July). This drop pushed the price below the $ 87.7 mark when the price hit its five-week low on December 13.

The alt saw dizzying gains over the last day. Look a descending channel breakout after a jump of more than 37.5% from $ 78 on December 14 to reaching $ 107.2 (two week high) on December 15. The integration of the USDC stablecoin on its blockchain became a presumed driver of this leap.

Now, when the pullback occurred, the 20-EMA (yellow) remained strong support. At press time, AVAX was trading at $ 102.34. The RSI saw an expected drop from the overbought region as it looked south. Too, MACD Y DMI Without a doubt, he chose the bulls but hinted at a slight decrease in their power. Furthermore, a jump of more than 100% in trading volumes indicated a significant upward movement.

Litecoin (LTC)

Source: TradingView, LTC / USDT

LTC boosted its downtrend after a breakout of the ascending channel on December 3 when the price action moved below its 11-week resistance at the $ 167 mark. After forming a bearish flag, the bears retested. the lower channel (white) twice before a breakout of the ascending channel.

During the last 12 days, LTC formed a dip cradle (green) and hinted at a possible reversal. At press time, LTC was trading at $ 152.6 after noticing a 42.2% loss in 30 days.

Except for a handful of times, the RSI It remained below the midline for the past 30 days, visibly representing weak bullish power. Now if the price falls below 20EMA (yellow), the lower trend line of the wedge held as immediate support. The Squeeze the momentum continued to hint at the compression phase with low volatility.


XEMUSD 2021 12 16 12 40 13

Source: TradingView, XEM / USD

NEM steadily declined in a descending channel after hitting its two-month high on November 5. The altcoin lost more than a third of its value in the next 25 days until a further collapse occurred. It saw a sharp drop to its five-month low on December 3.

After forming a bearish flag, the altcoin saw an expected breakout and formed a downward broadening wedge (green) during the last week. This move hinted at a possible reversal after the short-term pullback phase.

At press time, NEM was trading at $ 0.12927. The RSI He struggled to swing above the midline after flashing neutral signals. About him DMI, the -DI line seemed to oppose the + DI line as they looked in the opposite direction. However, the ADX showed a weak directional trend.

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Avalanche, Litecoin, NEM Price Analysis – Dec 16

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