Meme coins were higher on Tuesday, as the global cryptocurrency marketplace rebounded from recent declines in price. Both DOGE and SHIB were trading close to 7% higher during the session. In addition to the meme coins, there were several other gainers on Tuesday, as both traders and long-term investors bought the crypto dip.
The biggest winners
Avalanche (AVAX), which rose 15% during the session, was one of the biggest gainers in the top 20 cryptocurrencies. AVAX hit an intraday high of $68.03 on Tuesday, following 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.
This false breakout saw prices hit their lowest level since October 18, before rallying to a now all-time high (ATH) just above $146.00.
Looking at the chart below, the trendline shows that there has been long-term buying pressure, which is evident by the ascending triangle, as a result of continuous higher highs in price action.
This momentum was somewhat halted by the recent short-term bearish pressure, which led to the descending triangle, which led to the recent breakout.
Since said breakout, prices found an interim floor around $59, and this has captured the imagination of bulls who bought at the same range in October.
Could history repeat itself, with a similar rally at this current level.
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 on this list to trade lower during Tuesday’s rally as bears opted to remain active in this market.
The price of luna fell to an intraday low of $62.88 in the session, and was down just over 1% as of writing.
Looking at the chart, this luna has been trading in a series of lower lows over the past few weeks, which led to a breakout of its low of $59 last week.
Since then, Its price has continued to consolidate at this level, with the RSI remaining closer to oversold territory.
