With the broader trend wavering in favor of sellers, the crypto market has been red for the past 24 hours. As a result, Dogecoin and Avalanche formed bearish patterns on their charts.
Cardano, Dogecoin and Avalanche short-term technicals showed a bearish bias as they projected the recent bullish rebound.
Cardano (ADA)
Source: TradingView, ADA / USDT
In recent moves, ADA marked a falling wedge (white) indicating a possible short-term trend reversal. After hitting its monthly milestone on November 9, the Alt fell steadily, losing nearly half of its value when the price hit its 19-week low on December 3. As a result, price action broke below the 16-week resistance at $ 1.4.
Even after a raised floor, the cops were unable to maintain the sense of the value of ADA. Thus ADA was trading below its 50-200 Upper school at press time at $ 1.384.
the RSI preferred the bears slightly but showed promising signs of resuscitation. Although the DMI a bearish trend represented that TO flashed a green sign, indicating its diminishing strength. As a result, the price moved above its 20-SMA (red).
Dogecoin (DOGE)
Source: TradingView, DOGE / USD
DOGE accelerated its bearish trend as price action plummeted to its 33-week low on December 3. Over the past month, the Alt has steadily declined on a downward channel as it posted a 30-day loss of 34.2%.
Little by little, the DOGE bears broke the four-month resistance at 0.197 after the upside channel collapsed. In the past four days, the meme coin formed a bearish flag pattern that could potentially add fuel to its bearish fire.
At press time, DOGE was trading 75.9% below its ATH at $ 0.1758. the RSI showed some signs of resuscitation but struggled to cross the center line. Also the DMI prefers the seller. Still that TO projected a short-term bullish recovery.
Avalanche (AVAX)
Source: TradingView, AVAX / USDT
Despite a market-wide collapse on December 3rd, AVAX hasn’t deviated from its long-term uptrend (since July).
Since October 12th, AVAX has seen enormous gains thanks to steady upward movements. The digital currency posted an ROI of over 180% after 39 days to hit its ATH on November 21st. Since then, until the collapse of the upward channel on December 2nd, the price has fallen back into trend.
The Alt posted a 26.1% loss over the past week and found resonance in the broader market trend. That drop pushed the price below the $ 87.7 mark as the price hit its one-month low on December 3. At press time, AVAX was trading at $ 88.94.
the RSI selected the bears but showed signs of resuscitation. the DMI Lines visibly signaled a downward trend for a while. Like DOGE, AVAX a bearish flag pattern. the MACD projected the most recent recovery attempt, but the histogram contracted slightly as it neared the zero line.
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