Technical Analysis: Meme Coins, Avalanche Move Higher on Tuesday

Meme coins were higher connected Tuesday, arsenic the planetary cryptocurrency marketplace rebounded from caller declines successful price. Both DOGE and SHIB were trading adjacent to 7% higher during the session. In summation to the meme coins, determination were respective different gainers connected Tuesday, arsenic some traders and semipermanent investors bought the crypto dip.

Biggest gainers

One of today’s biggest gainers successful the crypto apical 20 was avalanche (AVAX), which was up by arsenic overmuch arsenic 15% during the session. AVAX deed an intraday precocious of $68.03 connected Tuesday, climbing from yesterday’s debased of $59.59.

Today’s rally comes 3-days aft prices concisely fell beneath enactment of $59.70, dropping to a debased of $53,47 implicit the weekend.

This mendacious breakout saw prices deed their lowest level since October 18th, earlier rallying to a present all-time precocious (ATH) somewhat supra $146.00.

Looking astatine the illustration below, the trendline shows that determination has been semipermanent buying pressure, which is evident by the ascending triangle, arsenic a effect of continuous higher highs successful terms action.

AVAX/USD – Daily Chart

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

Since said breakout, prices recovered an interim level astir $59, and this has captured the imaginativeness of bulls who bought astatine the aforesaid scope successful October.

Could past beryllium acceptable to repetition itself, with a akin rally astatine this existent level.

Biggest Losers

It was not each rosy successful the apical 20, arsenic immoderate cryptos continued to commercialized successful the red, contempt today’s rebound successful prices.

Terra (Luna) was 1 of the lone cryptocurrencies successful this database to commercialized little during Tuesday’s rally, arsenic bears opted to stay progressive successful this market.

The terms of luna fell to an intraday debased of $62.88 successful the session, and was down conscionable implicit 1% arsenic of writing.

Looking astatine the chart, this luna has been trading successful a streak of little lows successful caller weeks, which led to a breakout of its $59 level past week.

LUNA/USD – Daily Chart

Since then, Its terms has continued to consolidate astatine this level, with the RSI remaining person to oversold territory.

Is terra (Luna) presently undervalued? What bash you deliberation astir the meme coin marketplace action? Let america cognize what you deliberation successful the comments conception below.

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