Whereas Avalanche defied the broader market tendencies by noting hovering positive aspects, Litecoin and NEM shunned stepping down from the bearish bandwagon. The latter two cryptos shaped reversal patterns on their 4-hour chart whereas flashing combined near-term alerts.
Avalanche (AVAX)
Supply: TradingView, AVAX/USDT
AVAX persistently slackened after hanging its ATH on 21 November. In consequence, the worth motion noticed an up-channel breakdown and shaped a bearish flag. This fall additionally invalidated its long-term bullish trendline (since July). This decline pushed the worth under the $87.7 mark as the worth poked its five-week low on 13 December.
The alt noticed hovering positive aspects over the previous day. It noticed a down-channel breakout after an over 37.5% soar from $78 on 14 December till it poked $107.2 (two-week excessive) on 15 December. The mixing of the USDC stablecoin on its blockchain grew to become a presumed propellant for this soar.
Now, because the pullback occurred, the 20-EMA (yellow) stood as sturdy assist. At press time, AVAX traded at $102.34. The RSI noticed an anticipated dip from the overbought area because it appeared south. Additionally, MACD and DMI undeniably selected the bulls however hinted at a slight lower of their energy. Moreover, an over 100% soar in buying and selling volumes indicated a major bullish transfer.
Litecoin (LTC)
Supply: TradingView, LTC/USDT
LTC fueled its bearish drift after an up-channel breakdown on 3 December as the worth motion moved under its 11-week resistance on the $167-mark. After forming a bearish flag, the bears retested the decrease channel (white) twice earlier than an up-channel breakdown.
Over the previous 12 days, LTC shaped a falling wedge (inexperienced) and hinted at a attainable reversal. At press time, LTC traded at $152.6 after noting a 42.2% 30-day loss.
Apart from a handful of instances, the RSI stood under the midline for the previous 30 days, visibly depicting the weak bullish energy. Now, if the worth falls under the 20-EMA (yellow), the decrease trendline of the wedge stood because the instant assist. The Squeeze Momentum continued to trace on the squeeze section with low volatility.
NEM
Supply: TradingView, XEM/USD
NEM steadily declined in a down-channel after hanging its two-month excessive on 5 November. The altcoin misplaced greater than one-third of its worth within the subsequent 25 days till an additional breakdown occurred. It noticed a pointy plunge towards its five-month low on 3 December.
After forming a bearish flag, the altcoin noticed an anticipated breakout and shaped a descending broadening wedge (inexperienced) over the previous week. This motion hinted at a attainable reversal after the near-term pullback section.
At press time, NEM traded at $0.12927. The RSI struggled to waver above the midline after flashing impartial alerts. On the DMI, the -DI line appeared to oppose the +DI line as they appeared in the wrong way. Nonetheless, the ADX displayed a weak directional pattern.
