While the top altcoin is up nearly 4.4% in 24 hours, Litecoin and Stellar have both marked similar daily gains on their charts to date.
Avalanche (AVX) continued its recovery after apparently leading the recovery phase.
AVAX became one of the few cryptocurrencies to witness a bullish week. The cryptocurrency recorded an astonishing 42.1% ROI in seven days. Although it invalidated its long-term uptrend line (since July), it reclaimed the 61.8% Fibonacci level.
After the breakout of the bearish flag, Altcoin formed an ascending wedge and reached the $117 mark on December 18. Now any pullbacks from here would find testing support at the 38.2% Fibonacci point which was just below its 20 (red) and 200 (green) SMA.
As of press time, AVAX is trading at $114.53. The RSI retested the overbought region three times and dropped to the 66 level. Furthermore, the DMI reaffirmed higher bullish strength. Considering the RSI’s reversal pattern and overbought threat, AVAX could take a short-term setback.
Litecoin (LTC) mounted its downtrend after a breakdown of the upper channel on December 3, with the price moving below its 11-week resistance at the $167 mark. After forming a bearish flag, the bears retested the lower (white) channel twice before the breakout.
Over the past 14 days, LTC has formed a descending triangle, marking lower highs while holding support at $143.5. In addition, Supertrend continued to issue a sell signal.
At press time, LTC was trading at $148.4 after struggling to cross the 20-SMA (red) barrier. Except for a few times, the RSI has been below the midline for the past 30 days, visibly depicting weak bullish power. Furthermore, the DMI confirmed the downside bias but exhibited a slightly weak directional trend. The compression momentum continued to suggest the compression phase with low short-term volatility.
After a collapse of the upper channel on December 3, XLM also formed a descending triangle representing a strong selling influence. It is persistently marking lower highs holding the $0.24 support. Altcoin recorded a decline of more than 18% in 15 days.
Since the massive sell-off on December 3, XLM’s 50-SMA (green) has held as strong as price action has constantly compelled.
At press time, XLM was trading at $0.26046. The RSI failed to sustain above the midline and showed weak signals. The DMI visibly picked the sellers, while the ADX exhibited a weak directional trend.
Source: AMB Crypto