Bitcoin

Biggest Movers: MATIC Hits 10-Month High as AVAX Extends Recent Gains

Polygon rallied to a ten-month high on Thursday, as the token rose for a third straight session. Overall, cryptocurrency markets rebounded from recent losses, with the global market cap up 5.90% at the time of writing. Avalanche also surged, hitting a one-week high.

Polygon (MATIC)

Polygon (MATIC) surged to a ten-month high earlier in the day, as prices rose for a third consecutive session.

MATIC/USD moved to a peak of $1.39 earlier in today’s session, which comes a day after trading at a low of $1.27.

As a result of Thursday’s high, MATIC/USD jumped to its strongest point since April last year.

MATIC/USD – Daily Chart

Looking at the chart, polygon has had a mini-bull run this week, after bouncing off a floor at $1.20, leading up to a move to a ceiling at $1.35 today.

Earlier gains have marginally eased, however, with the relative strength index (RSI) moving close to a ceiling at 70.00.

At the time of writing, the index is tracking at 68.22, with MATIC/USD at the $1.37 mark.

Avalanche (AVAX)

Avalanche (AVAX) extended recent gains on Thursday, leading to prices hitting a one-week high.

Following a low of $18.39 on hump-day, AVAX/USD raced to an intraday high of $20.31 earlier in the day.

This resulted in avalanche climbing to its highest point since February 8, when the token last collided with a ceiling at $21.00.

AVAX/USD – Daily Chart

Looking at the chart, the initial surge took place following a break beyond a resistance at 55.00 on the RSI indicator.

However, at the time of writing, price strength appears to be moving back towards this level.

Should bears continue to push momentum lower, there is a strong chance AVAX could fall to a floor below $18.00.

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Do you expect avalanche to hit $21.00 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.




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