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Technical Analysis: Meme Coins, Avalanche Move Higher on Tuesday

News Feed - 2022-01-26 05:01:57

Technical Analysis: Meme Coins, Avalanche Move Higher on Tuesday


Meme coins were higher on Tuesday, as the global cryptocurrency marketplace rebounded from recent declines in price. Both DOGE and SHIB were trading close to 7% higher during the session.In addition to the meme coins, there were several other gainers on Tuesday, as both traders and long-term investors bought the crypto dip. Biggest gainers


One of today’s biggest gainers in the crypto top 20 was avalanche (AVAX), which was up by as much as 15% during the session. AVAX hit an intraday high of $68.03 on Tuesday, climbing from yesterday’s low of $59.59.


Today’s rally comes 3-days after prices briefly fell below support of $59.70, dropping to a low of $53,47 over the weekend.


This false breakout saw prices hit their lowest level since October 18th, before rallying to a now all-time high (ATH) slightly above $146.00.


Looking at the chart below, the trendline shows that there has been long-term buying pressure, which is evident by the ascending triangle, as a result of continuous higher highs in price action. AVAX/USD – Daily Chart


This momentum has been somewhat halted by the recent short-term bearish pressure, which resulted in the descending triangle, which led to the recent breakout.


Since said breakout, prices found an interim floor around $59, and this has captured the imagination of bulls who bought at the same range in October.


Could history be set to repeat itself, with a similar rally at this current level. Biggest Losers


It was not all rosy in the top 20, as some cryptos continued to trade in the red, despite today’s rebound in prices.


Terra (Luna) was one of the only cryptocurrencies in this list to trade lower during Tuesday’s rally, as bears opted to remain active in this market.


The price of luna fell to an intraday low of $62.88 in the session, and was down just over 1% as of writing.


Looking at the chart, this luna has been trading in a streak of lower lows in recent weeks, which led to a breakout of its $59 floor last week. LUNA/USD – Daily Chart


Since then, Its price has continued to consolidate at this level, with the RSI remaining closer to oversold territory. Tags in this story Avalanche (AVAX), dogecoin, Meme Coins, meme market, shib, terra (LUNA)


Is terra (Luna) currently undervalued? What do you think about the meme coin market action? Let us know what you think in the comments section below. Eliman Dambell


Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Bounces Back After Monday’s Selloff MARKET UPDATES | 5 hours ago Technical Analysis: Cosmos Climbs Higher, While Solana"s Fall Continues MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous article2 Gold-Backed Crypto Asset Market Caps Near $1 Billion, XAUT Jumps 19,000% in 23 Months Next articleIMF Urges El Salvador to Drop Bitcoin Tender Law, Executive Board Report criticizes BTC Bonds, Chivo Wallet Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItJoe Biden Claims Inflationary Pressure "Rests With the Federal Reserve," Praises the Fed"s "Extraordinary Support" 


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