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