The crypto markets are gearing up as the Bitcoin price is attempting again to secure levels above $70,000. With the beginning of US trading hours, the markets are gaining strength and hence the other altcoins are also trying hard to halt the persisting descending trend. In the meantime, some of the tokens that once had massive trader attention have now faced a significant drop in trading volume.
This suggests the traders have shifted their attention to other altcoins, as Avalanche (AVAX), Litecoin (LTC), & Polkadot (DOT) prices are losing the tradition.
Avalanche (AVAX) Price Analysis
- The AVAX price is experiencing equal bullish and bearish pressures as the daily candle has formed equal wicks on either side
- The price is testing one of the key support levels at $32.81 and the current trade set-up indicates that the price could hit the lower support levels close to $30 very soon
- Despite a slight rise in volume, the bears appear to have enough dominance, which substantiates the bearish claim
- However, the levels have slipped below the 200-day MA and the Ichimoku clouds have again shifted from bullish to bearish
Litecoin (LTC) Price Analysis
- Litecoin price is one of the more undervalued tokens which is struggling to achieve and sustain above a 3-digit figure
- The rally has been displaying a similar price action as it broke down from the rising parallel channel and began its recovery, forming another rising parallel channel
- The current trade set-up suggests the price is about to display a similar price action and initiate a breakdown which is validated by a descending trend of RSI
- However, the bulls are expected to jump in as the token drops below $80, which may initiate a fresh upswing above $90
Polkadot (DOT) Price Analysis
- Polkadot price is consolidating within a range, trading within pre-determined levels and recently dropped below the crucial support
- The selling pressure has soared with a huge rise in the selling volume, which is expected to continue for some more time
- The DMI is currently in the bearish range but is displaying a huge chance of undergoing a bullish divergence as the ADX has just rebounded from lows
- Therefore, the DOT price is believed to consolidate within the same levels or drop close to $6, which may further initiate a fresh bullish spell above the support-turned-resistance trend line
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