Biggest Movers: AVAX Hits Highest Point Since August, Following 17% Jump
Avalanche moved to its highest point since August, as the token rose by as much as 17% in today’s session. Cryptocurrencies surged across the board, following the latest Federal Reserve rate hike, with the global market cap 4.29% higher as of writing this. Polygon also hit a multi-month high on Thursday, rising by over 14% in the process. Avalanche (AVAX)
Avalanche (AVAX) was one of Thursday’s notable movers, as the token rose to its highest point since August.
AVAX/USD hit a high of $22.71 earlier in the day, and came less than a day after it traded at a bottom of $18.80.
The move came as avalanche broke out of a long-term price ceiling at $21.65, on its way to its strongest point since August 26. AVAX/USD – Daily Chart
Looking at the chart, the move took place following a breakout of a resistance level at 72.00 on the relative strength index (RSI) indicator.
As of writing this, the index is tracking at 72.62, with the next visible resistance point around the 74.00 mark.
Should this zone be hit, there is a strong chance that AVAX could move above $23.00, recording a fresh five-month high in the process.
Polygon (MATIC)
In addition to AVAX, polygon (MATIC) also rose significantly higher in today’s session, hitting a multi-month high in the process.
Following a low of $1.07 on Wednesday, MATIC/USD moved to a peak of $1.25 earlier in the day.
Thursday’s rally saw MATIC climb by as much as 15%, hitting its highest level since November 8. MATIC/USD – Daily Chart
As of writing this, polygon has given up some of its earlier gains, and is currently trading at $1.23.
This comes as bulls seem to be securing profits, as the RSI nears a resistance point at 70.00.
Price strength is currently tracking at 69.90, and unless it moves well above this upcoming hurdle, upwards momentum in MATIC could begin to shift.
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Will polygon extend today’s bullish momentum throughout the rest of the 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 Jumps to 6-Month High Above $24,000 MARKET UPDATES | 10 hours ago Biggest Movers: LTC Races to 9-Month High, ATOM Extends Recent Gains MARKET UPDATES | 1 day ago
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