The overall sentiment could not change the ‘extreme fear narrative even after the market recorded decent gains within the previous 24 hours. The upswings had Dogecoin, GALA, and Avalanche on patterned breakouts from downward channels on their 4hr charts.
Dogecoin plunged to 10-month lows on February 24. However, the meme coin recovered the losses with a 30.5% ROI, testing the $0.136 mark. The token withdrew in a downward channel within the past nine days as sellers emerged at the resistance of $0.136.
Meanwhile, the pullback secured a foothold around the 2-week trend-line support at $0.115. With that, bulls discovered a patterned breakout, jumping past the 4hr 20EMA. The alt’s immediate hurdle sits around 50EMA.
While publishing this content, Dogecoin traded around $0.1224. The RSI resurged within an ascending triangle after dipping into the oversold territory. That way, the indicator broke past the 40-level resistance amid buyers’ activity.
Now, the 53-mark might ensure a barrier as sellers seem committed to challenging bullish strength. Moreover, the DMI lines confirmed surging buying influence but have yet to see a bullish cross.
Avalanche saw a whopping 85.2% upsurge until February 17 from its lows in January. However, retracements emerged as AVAX bears tested the floor at $66. The latest bearish phase formed a downward channel that saw an Avalanche beneath the Point of Control (POC).
The bullish strength in the past two weeks saw buyers controlling $70. That had them triggering a close past the POC. Therefore, the patterned breakout backed the altcoin on its move past 20-50SMA. For now, the 200SMA might witness a prolonged battle between sellers and buyers.
While publishing this post, AVAX traded at $79.06, following a 10.21% surge within the past 24 hours. The bullish Relative Strength Index witnessed a 28-point climb within 48hrs. Any short-term pullback might discover testing support at 54-level.
GALA saw declines after losing the $0.421 mark. Meanwhile, the altcoin remained range-bound between the mentioned level and $0.181 since then. The latest sell-off period pushed the alt beneath the Bollinger band’s mean. However, bulls responded, triggering an 11.97% increase from the BB’s lower band yesterday. Now, the closest support stands around the BB’s mean.
While publishing this article, GALA traded at $0.23524. The Relative Strength Index maintained solid upside following steep trend-line support. Now, the indicator might target a 60-mark test.