Litecoin (LTC) and Avalanche Cryptos (AVAX) rely on support – can they bounce?
Cryptocurrencies resumed bearish momentum after trying to get bullish last week. Since the beginning of November, the crypto market has been in a downtrend that apparently isn’t over yet, though Litecoin and Avalanche Crypto finds support. Are they getting bullish soon?
Litecoin Daily Chart – Can Support Hold At USD 140 For LTC?
Litecoin has missed most of the upward momentum in the crypto market since September, except for the sudden surge in early November when the price rose from $ 200 to nearly $ 300. Although it failed to hold gains, it showed weakness again and now LTC / USD has lost around half of its value.
LTC / USD
Litecoin has a significantly higher acceptance rate than most cryptocurrencies and the Litecoin Visa debit card will further increase the acceptance of LTC. However, it fails to attract buyers. Although the support at $ 140 for this altcoin appears to be holding for a few weeks now, there is a good chance we will see a rebound from the support. This is not a bad place to be LTC/ USD with a target of 300 USD.
Avalanche Daily Chart – AVAX keeps bullish momentum going
Can AVAX ricochet off the 50 SMA?
Avalanche crypto coin had an amazing rally from $ 10 in July to $ 146 in late November as it still rose higher despite the mood in the crypto market being pretty pessimistic. This was a strong bullish signal. The next rally earlier this month was another bullish sign for this cryptocurrency, which has not declined as much as the rest of the market.
This week we saw another pullback in AVAX / USD, but it seems like the 100-day SMA (yellow) that was previously a support is now doing the job again. Fundamentals support this bullish momentum in Avalanche, so losses should be limited before the uptrend resumes. It had previously announced it would add USD Coin (USDC) to its network, while crypto custodian BitGo has also added support for AVAX as institutions become too. develop avalanche. So this could be a good place to buy AVAX coins.
Source: Crypto News Deutsch