Fun

Biggest Movers: AVAX Hits Multi-Month Peak, as MATIC Jumps to 1-Week High

News Feed - 2023-01-25 01:01:34

Biggest Movers: AVAX Hits Multi-Month Peak, as MATIC Jumps to 1-Week High


Avalanche moved to a multi-month high on Jan. 24, after reports that the number of bitcoin on its network rose to 5,493. The news saw the token surge by nearly 5% today, rising for a third straight session in the process. Polygon also moved higher on Tuesday, hitting a one-week high. Avalanche (AVAX)


Avalanche (AVAX) rose to a multi-month high on Tuesday, as prices rallied for a third consecutive session against a backdrop of bullish news.


Following a low of $17.43 to start the week, AVAX/USD moved to an intraday peak of $18.86 earlier today.


As a result of today’s surge in price, AVAX has risen to its strongest point since Nov. 6. AVAX/USD – Daily Chart


Looking at the chart, the move took place following a breakout of a ceiling at the $18.50 mark.


In addition to this, the 14-day relative strength index (RSI) neared a resistance level of its own at 72.00


At the time of writing, the index is tracking at 71.11, with earlier gains fading, resulting in AVAX currently trading at $18.22. Polygon (MATIC)


In addition to AVAX, polygon (MATIC) climbed higher in today’s session, following a collision with a key price floor.


MATIC/USD raced to a peak of $1.04 earlier in the day, less than a day after hitting a low of $0.9849


The move saw polygon reach its highest level since last week Monday, when price was last close to a resistance of $1.05. MATIC/USD – Daily Chart


However, like on that occasion, prices have since plunged, with momentum not strong enough to force a breakout.


As of writing, MATIC/USD is now trading at $1.00, which is also its long-term support point.


One positive is that the RSI seems to be a fair distance away from its own floor at 61.00, and is currently tracking at 63.27, with a ceiling of 65.00 a possible target.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Avalanche, AVAX, matic, Polygon


Do you expect polygon to move beyond $1.05 this week? Let us know your thoughts in the comments. Eliman Dambell


Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US GDP, Consumer Sentiment Data MARKET UPDATES | 10 hours ago Biggest Movers: XRP Jumps to 3-Month High as Crypto Markets Consolidate on Monday  MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWashington Townhome Tied to Disgraced FTX Co-Founder Listed for $3.28 Million Amid Controversy and Bankruptcy Next articleQuicknode Raises $60 Million in Series B to ‘Fuel Blockchain Adoption’ and Expand Globally Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles to Lead Its ‘Bitcoin Business Plan’
Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles to Lead Its "Bitcoin Business Plan" A Chinese tea retailer is looking to make its in
Bitcoin social sentiment decline may signal market bottom
Prashant Jha1 hour agoBitcoin social sentiment decline may signal market bottomThe BTC price has failed to hit a new all-time high in over three months, even after the Bitcoin halving in April.607 Total views2 Total shar
Litecoin Holds Bullish Outlook As the MVRV Ratio Signals Strength – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Monday as Markets Remain Sluggish Following Christmas
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Monday as Markets Remain Sluggish Following Christmas Cryptocurrencies were mostly consolidating on Dec. 26, as market
Jesse Coghlan2 hours agoDeFi group petitions to stop ‘patent troll’ targeting DeFi protocolsThe DeFi Education Fund says a patent owned by True Return Systems is being used to try to profit from lawsuits against dece
South Africa Added to FATF ‘Grey List’ Despite Designation of Crypto as a Financial Product
South Africa Added to FATF "Grey List" Despite Designation of Crypto as a Financial Product In a move seen as a major setback for South Africa, the international financial watchdog
US Personal Consumption Expenditures Tap Record Highs, Stanford Economist Says Fed Should Increase Rates Above 9%
US Personal Consumption Expenditures Tap Record Highs, Stanford Economist Says Fed Should Increase Rates Above 9% On July 29, the U.S. Bureau of Economic Analysis reported on Ameri
Ethereum Analyst Eyes High Timeframe Close – Range Break Above $2,800 Could Be Violent
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin price could hit $63K amid $3.9B futures expiry
Zoltan Vardai12 hours agoBitcoin price could hit $63K amid $3.9B futures expiryBitcoin needs to hold above the $65,000 mark for more upside, while the Ether price is weighed down by a sell-the-news event, according to an
Tesla’s Latest Financial Statement Shows Bitcoin Worth $1.26 Billion
Tesla"s Latest Financial Statement Shows Bitcoin Worth $1.26 Billion Elon Musk’s electric car company, Tesla, did not sell any bitcoin in the fourth quarter, according to th
Fidelity’s Crypto Branch to Increase Staff by 70%, President Sees ‘More Interest in Ether’
Fidelity"s Crypto Branch to Increase Staff by 70%, President Sees "More Interest in Ether" According to Tom Jessop, president of Fidelity Digital Assets, the com
Coinbase Makes Changes to Services in Canada, Japan, Singapore to Comply With Local Crypto Regulations
Coinbase Makes Changes to Services in Canada, Japan, Singapore to Comply With Local Crypto Regulations The Nasdaq-listed cryptocurrency exchange Coinbase has made some changes to i