Altcoins LTC, CRV and ONDO recover after retesting key support levels
- Litecoin, Curve DAO and Ondo prices rebound on Tuesday after a double-digit correction the previous day.
- The MACD indicator suggests that the outlook for the three altcoins remains bullish, signaling potential price recovery.
- Sideline investors looking to accumulate these three altcoins can do so at their key support levels.
Litecoin (LTC), Curve DAO (CRV) and Ondo (ONDO) prices recover on Tuesday after retesting and bouncing off key support levels following Monday’s double-digit correction. The technical outlook suggests a further recovery ahead, with the Moving Average Convergence Divergence (MACD) momentum indicator supporting the rebound.
Litecoin price revisits its crucial support level
Litecoin price surged more than 100% since early November and declined 18% on Monday, revisiting close to its key support level of around $98.67. This level roughly coincides with the weekly support level at $96.30 and the descending trendline drawn by connecting weekly highs since the end of March 2022, making it a key reversal zone. As of Monday, it recovers slightly, trading around $111.87.
If the $98.67 level holds support, LTC could extend the recovery and rally to retest its December 5 high of $147.54. A successful close above this level could extend an additional rally by 35% to retest its psychological importance level of $200.
The Moving Average Convergence Divergence (MACD) indicator supports Litecoin’s recovery, as the bullish crossover posted on the weekly chart on October 14 still holds. Additionally, green histogram bars are rising above the neutral line zero, suggesting the continuation of upward momentum.
LTC/USDT weekly chart
Curve DAO price bounces off the $0.88 support level
Curve DAO price surged more than four times since early November, reaching levels not seen since April 2023. It declined more than 15% from Saturday to Monday, retesting and bouncing off its key support level at $0.88. At the time of writing on Tuesday, it recovers to around $1.11.
If CRV continues to recover, it could rally to retest its July 2022 high of $1.588.
Like LTC, CRV’s MACD indicator on the weekly chart also holds the bullish crossover. It shows rising green histogram bars above the neutral line zero, suggesting the continuation of upward momentum.
CRV/USDT weekly chart
Ondo price rebounds sharply
Ondo price reached a new all-time high (ATH) of $1.95 on December 4 and declined 12% until Monday, retesting and bouncing off weekly support at $1.37. The weekly support of $1.37 roughly coincides with $1.26, the 50% price retracement level drawn from October’s low of $0.588 to December’s ATH of $1.95, making it a key reversal zone. On Tuesday, it recovers sharply, trading around $1.64.
If the weekly level at $1.37 continues to hold, ONDO price could extend the rally to retest its ATH of $1.95. A successful close above this level could extend an additional rally to test its 141.40% Fibonacci extension level of $2.51.
Like LTC and CRV, ONDO’s MACD indicator on the weekly chart also holds the bullish crossover, suggesting ONDO’s recovery rally ahead.
ONDO/USDT weekly chart
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
