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Avalanche, Litecoin, NEM Price Analysis: 16 December
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While Avalanche defied the broader market tendencies by noting soaring gains, Litecoin and NEM refrained from stepping down from the bearish bandwagon. The latter two cryptos formed reversal patterns on their 4-hour chart while flashing mixed near-term signals.
Avalanche (AVAX)
Source: TradingView, AVAX/USDT
AVAX persistently slackened after striking its ATH on 21 November. As a result, the price action saw an up-channel breakdown and formed a bearish flag. This fall also invalidated its long-term bullish trendline (since July). This decline pushed the price below the $87.7 mark as the price poked its five-week low on 13 December.
The alt saw soaring gains over the past day. It saw a down-channel breakout after an over 37.5% jump from $78 on
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