Price Analysis

These Altcoins Displayed a Huge Bullish Momentum in the Past Week, How Will They Rally Further?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 22, 2021

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Highlights

    Altcoins like LUNA, AVAX, etc showcase immense bullish momentum recently while some other altcoins are trying to hold the grip

    Yet after smashing the ATH, both the asset could continue swinging higher and eventually discover new highs

Christmas bells are hovering around the platform and hence many are expecting a notable Santa rally. While the dominant cryptos like Bitcoin and Ethereum have slowed down their pace and are hovering within a narrow region, many altcoins have tightened their grip over the bull market. Cryptos like Terra(LUNA), Avalanche(AVAX), Polygon(MATIC) are currently surging high with soaring numbers. 

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Terra(LUNA) Continues to Discover New Highs

Terra price initiated the past week’s trade on an extremely bullish note. After registering 8 huge green candles at a stretch, the LUNA price spiked high and smashed yet another ATH in the early trading hours. However, the asset appears to continue discovering new highs in the next couple of hours and eventually smash a 3-digit figure anytime from now.

The LUNA price broke through the parallel channel in the early trading hours and propelled high and on the verge to smash $100. The RSI is following a serious uptrend and reached the overbought levels. Here the RSI might consolidate for a while before taking the next giant leap. And hence the price may trend in a narrow region for some time from now and eventually experience a slight pullback. 

Avalanche(AVAX) Price Heading On Towards its ATH

Following the bullish trend building within the space, the AVAX price also appears to smash its previous highs anytime from now. The asset recently cleared one of the most important resistance levels and ranged above the 200-day MA. The asset was finding it difficult to bounce from this level, yet managed to range high. 

The AVAX price currently is experiencing a slight pullback, in an attempt to clear the strong resistance levels close to $130. On the other hand, the RSI is yet to enter the overbought area which could happen any moment from now. The building bullish momentum clearly indicates the assets are poised to form a new ATH very soon. 

Collectively, the Terra(LUNA) price and Avalanche (AVAX) price is attempting to go higher in order to discover new highs. Yet both may include minor pullbacks, yet after a small consolidation, the assets are primed to engulf the uptrend and hit the higher levels shortly. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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