Biggest Movers: DOGE Jumps 6%, AVAX Hits 2-Month High on Monday
Dogecoin rose by over 6% to start the week, as prices moved back towards a key resistance level. The meme coin moved higher for a fifth straight session, despite the cryptocurrency market falling by 1.54% as of writing. Avalanche also climbed, hitting a two-month high. Dogecoin (DOGE)
Dogecoin (DOGE) rose by as much as 6% on Monday, as prices surged for a fifth consecutive session.
Following a low of $0.08858 on Sunday, DOGE/USD raced to an intraday peak of $0.0946 earlier in today’s session.
The move saw dogecoin close in on a key resistance at the $0.0960 level, which was last hit on April 5. DOGE/USD – Daily Chart
Looking at the chart, one of the catalysts of today’s surge in price was a breakout that occurred on the relative strength index (RSI).
At the time of writing, price strength has moved beyond a ceiling at the 61.00 mark, and is tracking at 62.87
An upcoming wall at 65.00 could be a hurdle for current bulls. However, should they overcome this, there is a good chance that DOGE moves back above $0.1000. Avalanche (AVAX)
In addition to DOGE, avalanche (AVAX), was another notable gainer in the market to start the week.
AVAX/USD climbed to an intraday high of $21.011 on Monday, following a low of $19.04 during Sunday’s session.
As a result of Monday’s surge in price, avalanche has hit its highest point since Feb. 22. AVAX/USD – Daily Chart
This has resulted in the token briefly breaking out of a point of resistance at $20.90, however gains have since slipped.
It appears that momentum was caught short following the RSI colliding with its own ceiling at the 73.00 mark.
Although the index is now tracking at 73.17, earlier bulls seem to be more tentative, and are moving to secure gains.
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Can avalanche move above $22.00 in the coming week? Let us know your thoughts in the comments. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000 on Monday, as US Dollar Rallies MARKET UPDATES | 11 hours ago Biggest Movers: ADA Price Climbs for Ninth Consecutive Day MARKET UPDATES | 2 days ago
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