Whereas Avalanche defied the broader market tendencies by noting hovering features, Litecoin and NEM shunned stepping down from the bearish bandwagon. The latter two cryptos fashioned reversal patterns on their 4-hour chart whereas flashing blended near-term alerts.
Avalanche (AVAX)
Supply: TradingView, AVAX/USDT
AVAX persistently slackened after putting its ATH on 21 November. In consequence, the worth motion noticed an up-channel breakdown and fashioned a bearish flag. This fall additionally invalidated its long-term bullish trendline (since July). This decline pushed the worth beneath the $87.7 mark as the worth poked its five-week low on 13 December.
The alt noticed hovering features over the previous day. It noticed a down-channel breakout after an over 37.5% bounce 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 turned a presumed propellant for this bounce.
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 regarded south. Additionally, MACD and DMI undeniably selected the bulls however hinted at a slight lower of their energy. Apart from, an over 100% bounce 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 beneath 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 fashioned a falling wedge (inexperienced) and hinted at a potential 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 beneath the midline for the previous 30 days, visibly depicting the weak bullish energy. Now, if the worth falls beneath the 20-EMA (yellow), the decrease trendline of the wedge stood because the quick assist. The Squeeze Momentum continued to trace on the squeeze part with low volatility.
NEM
Supply: TradingView, XEM/USD
NEM steadily declined in a down-channel after putting its two-month excessive on 5 November. The altcoin misplaced greater than one-third of its worth within the subsequent 25 days till an extra 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 fashioned a descending broadening wedge (inexperienced) over the previous week. This motion hinted at a potential reversal after the near-term pullback part.
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 regarded in the wrong way. Nonetheless, the ADX displayed a weak directional development.
