The bearish period that we saw in the cryptocurrency market during November has ended, but digital coins still appear uncertain as to whether the time has come to resume the larger bullish trend. They made some decent gains earlier this week as they started to reverse higher, but they have stalled in the last few days, so for the moment, the direction is unclear. They will surely resume the long-term bullish trend at some point, but they are consolidating right now, so let’s see how Fantom and Avalanche have been doing this week.

Fantom Daily Chart Analysis – Consolidating Between Two Support Levels

Fantom turned massively bullish during September and October, increasing from around $0.30 to $3.50. The price kept forming support zones at previous highs, which held FTM/USD during pullbacks as it pushed higher. The bullish momentum continued until late October, and in November, this coin retreated lower when the crypto market turned bearish, due to the continued crackdown.

The first support zone at $2.50 was broken, but the second one below $2 held, and it has been supporting Fantom coin since then. We saw a bounce to the upside earlier last month, but the price returned below the first support level, and the 20 daily SMA (gray) has been providing resistance at the top in recent days.

At the moment, there is no pressure in either direction, as FTM is trading between two support zones, and consolidating here before resuming the bullish trend again.  Daily transactions in Fantom stand at around 750k now, and they are on an increasing trend, which will help the price, despite coming down from 1.8 million in September. Besides that, the partnership with 123s swap should raise the visibility of Fantom, making it a more attractive asset in terms of coin swaps.

Avalanche Daily Chart Analysis – AVAX Deciding at the 20 Daily SMA

The 20 SMA is holding as support for Avalanche right now

Avalanche saw increasing buying pressure, which continued until late November, when most of the cryptocurrency market had been retreating lower for two weeks. AVAX/USD surged to $146, but eventually, it retreated lower, as the decline in the crypto market continued.

But the retreat might have ended at $100, as Avalanche has been trying to turn bullish. Now, the price is at the 20 SMA (gray) on the daily chart, and soon we should see a resumption of the uptrend in this cryptocurrency. The partnership with the major consulting and accounting firm, Deloitte, has improved the sentiment for Avalanche, as it increases its credibility, bringing it further into the mainstream. So, Avalanche buyers will have to hold on until the uptrend resumes again in the crypto market, which would turn this cryptocurrency bullish again.