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

Read full article at Bitcoin News.

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.

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.

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:

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

This article is strictly 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. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Cryptocurrency #Crypto