{"id":2563,"date":"2021-12-23T01:33:16","date_gmt":"2021-12-23T01:33:16","guid":{"rendered":"http:\/\/egrowonline.com\/?p=2563"},"modified":"2021-12-23T01:33:16","modified_gmt":"2021-12-23T01:33:16","slug":"avalanche-algorand-litecoin-price-analysis-22-december","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=2563","title":{"rendered":"Avalanche, Algorand, Litecoin Price Analysis: 22 December"},"content":{"rendered":"


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The last two days witnessed a notable recovery for most alts as Ether crossed the $4,000-mark. But the bears were quick to prevent a sustained bullish rally. Accordingly, Litecoin continued its descending triangle while flashing weak near-term technicals.\u00a0<\/span><\/p>\n

Avalanche found immediate testing support at the 23.6% Fibonacci level while Algorand struggled to cross the $1.39-mark.<\/span><\/p>\n

Avalanche (AVAX)<\/span><\/strong><\/p>\n

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Source: TradingView, AVAX\/USDT<\/p>\n<\/div>\n

AVAX was one of the few cryptos that constantly found higher\u00a0<\/span>Fibonacci\u00a0<\/span><\/strong>supports over the past eight days. The alt registered a monstrous 55.3% nine-day ROI. Although it invalidated its long-term bullish trendline (since July), it bounced back from the 61.8% golden Fibonacci level.<\/span><\/p>\n

The digital currency saw an expected rising wedge breakdown but found support at the 38.2% Fibonacci mark. As a result, the alt saw a v-shaped recovery over the past two days but saw resistance at the $126-mark. Any retracements from here would find testing support at the 23.6% level.<\/span><\/p>\n

At press time, AVAX traded above its 20-50-200 SMA at $121.03. The <\/span>RSI\u00a0<\/span><\/strong>retested the overbought region six times since 15 December while finding support at the midline. Further, the\u00a0<\/span>MACD\u00a0<\/span><\/strong>continued to flash a bullish bias.\u00a0<\/span><\/p>\n

Algorand (ALGO)<\/span><\/strong><\/p>\n

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Source: TradingView, ALGO\/USD<\/p>\n<\/div>\n

ALGO performed quite poorly after poking the $2.04-mark on 2 December. Then, the price action saw a substantial breakdown as it fell below the $1.84-mark.<\/span><\/p>\n

As a result, after forming a bearish flag, it further broke down below the $1.39-mark (15-week resistance) in a down-channel (yellow). As the coin saw a nearly 9.43% two-day recovery, it saw a pullback from the aforestated level that also coincided with the upper channel.<\/span><\/p>\n

At press time, ALGO traded at $1.3756. The <\/span>RSI\u00a0<\/span><\/strong>stood at the 54-level but struggled to sustain itself above the half-line. Also, the\u00a0<\/span>DMI\u00a0<\/span><\/strong>displayed a slight bullish preference with a weak directional trend. <\/span>Despite the price action marking newer lows, the\u00a0<\/span>OBV\u00a0<\/span><\/strong>seemed to find strong near-term support, indicating the possibility of easing the selling pressure.<\/span><\/p>\n

Litecoin (LTC)<\/span><\/strong><\/p>\n

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Source: TradingView, LTC\/USDT<\/p>\n<\/div>\n

LTC fueled its bearish drift after an up-channel breakdown on 3 December as the price action moved below its 12-week resistance at the $156-mark. After an expected bearish flag breakdown, the price action found an oscillating range between the $143 and $156-mark.<\/span><\/p>\n

Over the past 18 days, LTC formed a\u00a0<\/span>descending triangle\u00a0by marking lower highs while maintaining the $143.5 support. Not surprising to see the\u00a0<\/span>Supertrend<\/span><\/strong>\u00a0flash a sell signal.<\/span><\/p>\n

At press time, LTC traded above its 20-50 SMA at $154.6. The <\/span>RSI\u00a0<\/span><\/strong>sustained above the midline over the past day but seemed to slacken. Moreover, the\u00a0<\/span>DMI\u00a0<\/span><\/strong>lines were on the verge of a bearish crossover but displayed a weak directional trend. The\u00a0<\/span>Squeeze Momentum<\/span><\/strong>\u00a0continued to hint at the squeeze phase with low near-term volatility.<\/span><\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The last two days witnessed a notable recovery for most alts as Ether crossed the $4,000-mark. But the bears were quick to prevent a sustained bullish rally. Accordingly, Litecoin continued its descending triangle while flashing weak near-term technicals.\u00a0 Avalanche found immediate testing support at the 23.6% Fibonacci level while Algorand struggled to cross the $1.39-mark. […]<\/p>\n","protected":false},"author":1,"featured_media":2564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[529,14,939,806,199,195],"class_list":["post-2563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-algorand","tag-analysis","tag-avalanche","tag-december","tag-litecoin","tag-price"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2021\/12\/jeffrey-brandjes-Z1Q4vFc8yCk-unsplash-1000x600.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2563"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2563\/revisions"}],"predecessor-version":[{"id":2565,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2563\/revisions\/2565"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/2564"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2563"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}