A shock-absorber has a cylindrical body having an inner and an outer cylindrical tubes enclosing a reservoir chamber containing oil, and a rod. A piston divides the internal volume of the inner cylindrical tube into a rebound chamber and a compression chamber. The cylindrical body has an intermediate cylindrical tube enclosing with the inner cylindrical tube an intermediate chamber. A first electronically-controlled valve is arranged inside the inner cylindrical tube, so as to be drivingly connected to the rod, and hydraulically connected to the rebound chamber and to the compression chamber to adjust, during rebound phase, flow of the damping fluid from the rebound chamber to the compression chamber. A second electronically-controlled valve is arranged outside the cylindrical body and is hydraulically connected to the reservoir chamber and to the intermediate chamber to adjust, during compression phase, flow of the damping fluid from the compression chamber to the reservoir chamber via the intermediate chamber.