Litecoin (LTC) and Avalanche Cryptos (AVAX) Lean on Support – Can They Bounce Up?
Cryptocurrencies have resumed their bearish momentum, after trying to turn bullish last week. Since early November the crypto market has been on a downtrend, which is not over yet apparently, although Litecoin and Avalanche are finding some support. Will they turn bullish soon?
Litecoin Daily Chart – Can the Support at $140 Hold for LTC?
Litecoin has been missing out on most of the bullish momentum in the crypto market since September, apart from the sudden surge early in November, when the price increased from $200 to almost $300. It was unable to hold onto its gains though, and began showing weakness once again, and now LTC/USD has lost around half its value.
Litecoin LTC Live Chart
Litecoin has a considerably higher rate of adoption compared to most of the other cryptocurrencies, and the Litecoin Visa debit card will further increase the adoption of LTC, yet, it is failing to attract buyers. However, the support at $140 shas been holding for a few weeks now for this altcoin, so there is a strong chance that we might see a bounce off this support. This is not a bad place to look at buying LTC/USD, with a target at $300.
Avalanche Daily Chart – AVAX Keeps the Bullish Momentum Going
Can AVAX bounce off the 50 SMA?
Avalanche had an amazing rally, from $10 in July, to $146 in late November, still surging higher, despite the sentiment being quite bearish in the crypto market, which was a strong bullish signal. The next rally, earlier this month, was another bullish sign for this crypto, which hasn’t retreated as much as the rest of the market.
This week, we have seen another pullback lower in AVAX/USD, but it seems like the 100 daily SMA (yellow), which has acted as support before, is doing that work again now. Fundamentals support this bullish momentum in Avalanche, so the losses should be limited before the bullish trend resumes again. Earlier they announced adding USD Coin (USDC) to the network, while crypto custodian BitGo added support for AVAX as well, as institutions turn toards Avalanche. So this might be a good place to buy AVAX coins.
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