MATIC hits 10-month high as AVAX extends recent gains – market updates
polygon rallied to a 10-month high on Thursday as the token surged for a third straight session. Overall, cryptocurrency markets recovered from recent losses, with the global market capitalization is up 5.90% at the time of writing. Avalanche also rose, hitting a one-week high.
Polygon (MATIC) rose to a 10-month high earlier in the day as prices rose for a third straight session.
MATIC/USD hit a high of $1.39 earlier in today’s session, hitting a day after trading at a low of $1.27.
Following Thursday’s high, MATIC/USD jumped to its strongest point since April of last year.
Looking at the chart, Polygon had a mini bull run this week after bouncing off a bottom at $1.20, leading to a move to a ceiling at $1.35 today.
However, past gains have diminished slightly as the relative strength indexindex (RSI) is approaching a ceiling at 70.00.
At the time of writing, the index sits at 68.22 with MATIC/USD hovering around the $1.37 mark.
Avalanche (AVAX) extended recent gains on Thursday, which led prices to hit a weekly high.
After hitting a low of $18.39 on the hump day, AVAX/USD raced to an intraday high of $20.31 earlier in the day.
This caused the Avalanche to climb to its highest point since Feb. 8, when the token last collided with a cap at $21.00.
Looking at the chart, the initial surge took place after the RSI indicator recorded a Resistance had broken through at 55.00.
However, at the time of writing, price strength appears to be moving back towards these levels.
If the bears continue to push the momentum lower, there is a strong chance that AVAX could find a bottom below $18.00.
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Source: Crypto News Deutsch