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Avalanche, Litecoin, Stellar Price Analysis: 18 December

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Source: Pexels

While the top altcoin was up by nearly 4.4% in 24 hours, Litecoin and Stellar marked similar daily gains on their charts at press time. 

Avalanche continued its rally after seemingly leading the recovery phase.

Avalanche (AVAX)

TradingView, AVAX/USDT

AVAX became one of the few cryptos that witnessed a soaring week. The crypto registered a staggering 42.1% seven-day ROI. Although it invalidated its long-term bullish trendline (since July), it bounced back the 61.8% golden Fibonacci level.

After a bearish flag breakdown, the alt formed a rising wedge and poked the $117-mark on 18 December. Now, any retracements from here would find testing support at the 38.2% Fibonacci point that stood just below its 20 (red) and 200 (green) SMA.

At press time, AVAX traded $114.53. The RSI retested the overbought region thrice and plunged towards the 66-level. Also, the DMI reaffirmed the superior bullish strength. Considering the reversal pattern and the overbought RSI threat, AVAX could see a near-term setback.

Litecoin (LTC)

TradingView, LTC/USDT

LTC mounted its bearish drift after an up-channel breakdown on 3 December as 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 the breakdown. 

Over the past 14 days, LTC formed a descending triangle by marking lower highs while maintaining the $143.5 support. Also, The Supertrend continued to flash a sell signal.

At press time, LTC traded at $148.4 after struggling to cross the 20-SMA (red) hurdle. Except for a few times, the RSI stood below the half-line for the past 30 days, visibly depicting the weak bullish power. Also, the DMI confirmed the bearish bias but displayed a slightly weak directional trend. The Squeeze Momentum continued to hint at the squeeze phase with low near-term volatility.

Stellar (XLM)

TradingView, XLM/USD

After an up-channel breakdown on 3 December, XLM too formed a descending triangle depicting a strong selling influence. It persistent marked lower highs while maintaining the $0.24 support. The alt registered an over 18% 15-day decline. 

Since the massive sell-off on 3 December, XLM’s 50-SMA (green) stood as strong resistance as the price action constantly obliged the same.

At press time, XLM traded at $0.26046. The RSI failed to sustain itself above the half-line and displayed weak signs. The DMI visibly chose the sellers while the ADX displayed a weak directional trend. 

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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