Dogecoin, Avalanche, GALA Price Analysis: 09 March
Although the market saw decent gains over the last 24 hours, the overall sentiment refrained from improving the ‘extreme fear’ feeling. With these gains, Dogecoin, Avalanche and GALA saw a patterned breakout from their down-channels on the 4-hour chart.
Source: TradingView, DOGE/USD
After nosediving to its ten-month low on 24 February, DOGE recovered its previous losses by registering a 30.5% ROI and testing the $0.136-level.
As the sellers stepped in at the $0.136-resistance, DOGE withdrew in a down-channel (yellow) over the last nine days. This pullback found support at its two-week trendline support near the $0.115-mark. Consequently, the bulls found a patterned breakout and jumped above its 4-hour 20 EMA. The immediate hurdle for the alt was still at the 50 EMA (cyan).
At press time, DOGE traded at $0.1224. After heading into the oversold region, the RSI revived in an ascending triangle. As a result, it broke above the 40-mark resistance as the buyers stepped in to claim an edge. Now, the 53-level could pose a barrier as the sellers endeavour to counter the bullish pressure. Also, the DMI lines reaffirmed the increasing buying influence but were yet to witness a bullish crossover.
Source: TradingView, AVAX/USDT
As the bulls finally gathered enough impetus from its January lows, AVAX noted staggering 85.2% gains until 17 February. Then, the alt found itself on the back foot as the bears tested the $66-floor.
The most recent bearish phase marked a down-channel (yellow) that led AVAX below its Point of Control (red, POC). But, in light of the increasing bullish vigor over the last two weeks, buyers controlled the $70-mark while propelling a close above its POC. Thus, the patterned breakout supported the alt on its way
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