On Tuesday, Meme coins traded higher as the price of cryptocurrency rebounded following recent drops in prices. SHIB and DOGE traded close to 7 percent higher in the last session. On Tuesday, traders as well as long-term investors both bought the crypto dip.
Largest gainers
One of today’s biggest gainers in the crypto top 20 was avalanche (AVAX), which was up by as much as 15% during the session. AVAX hit an intraday high of $68.03 on Tuesday, climbing from yesterday’s low of $59.59.
Today’s rally comes 3-days after prices briefly fell below support of $59.70, dropping to a low of $53,47 over the weekend.
After this false breakout, prices fell to their lowest levels since October 18th. However, they rallied slightly and reached an all-time high (ATH), just above $146.00.
The chart shows long-term buying pressure. This is apparent by the ascending triangular pattern, which was created as a result continuous highs in the price action.
The recent bearish short-term pressure has somewhat stopped this momentum, which caused the descending triangle that led to the breakout.
Bulls bought in the same price range as October, finding an interim floor at $59 since the breakout.
Is history set for a repeat? With the current rally,
Biggest Losers
It was not all rosy in the top 20, as some cryptos continued to trade in the red, despite today’s rebound in prices.
Terra (Luna) was one of the only cryptocurrencies in this list to trade lower during Tuesday’s rally, as bears opted to remain active in this market.
Luna fell to an intraday lowest price of $62.88 during the session and had fallen just over 1% by writing.
This chart shows that the luna has traded in a series of lower lows for recent weeks. The streak culminated in last week’s breakout of its $59 floor.
Since then it has maintained its price stability at the same level with the RSI still in oversold territory.
Are terra (Luna), currently undervalued Let us know your thoughts on the market for meme coins. We’d love to hear your opinions in the comment section.
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