Biggest Movers: AVAX 22% Higher, as DOT Nears 1-Month High
Avalanche was one of Thursday’s big gainers, as the token rose by as much as 22% in today’s session. The move came as inflation in the United States fell to 6.5% as markets were expecting. Polkadot was another notable mover, with prices climbing close to a four-week high. Avalanche (AVAX)
Avalanche (AVAX) rose by as much as 22% in today’s session, as cryptocurrencies reacted to the latest U.S. inflation report.
AVAX/USD moved to a peak of $16.11 earlier in the day, which comes less than 24 hours after falling to a bottom of $12.41.
Thursday’s spike in price pushed avalanche to its highest point since November 8, when price was at a peak of $18.15. AVAX/USD – Daily Chart
Looking at the chart, earlier gains have somewhat eased, with AVAX now trading at $15.18.
This came as the 14-day relative strength index (RSI) failed to break out from a resistance at the 80.00 level.
As of writing, the index is now tracking at 69.94, which is still deep in overbought territory. Polkadot (DOT)
Polkadot (DOT), was another big gainer in today’s session, with prices moving closer towards a four-week high.
Following a low of $4.84, DOT/USD managed to reach an intraday high of $5.16 earlier on Thursday.
As a result of this move, DOT broke out of a key resistance level of $5.15, hitting its strongest point since December 16 in the process. DOT/USD – Daily Chart
As can be seen from the chart, the 14-day RSI has failed to move beyond its long-term ceiling of 68.00, and has since slipped lower.
Price strength is now tracking at 63.10, with DOT declining from its earlier peak, and the asset is trading at $5.09.
In order for the token to continue to move higher, there will first need to be a rally above its 68.00 point on the RSI.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Avalanche, AVAX, DOT, Polkadot
Will we see a reversal in polkadot now that price is overbought? 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. Bitcoin, Ethereum Technical Analysis: BTC Above $18,000, ETH Hits 2-Month High MARKET UPDATES | 10 hours ago Ethereum"s Dominance on the Rise: Market Share Increases by 3% Among Global Crypto Assets MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, David Esser / Shutterstock.com Previous articleCrypto Lender Nexo Under Investigation for Alleged Money Laundering, Russian Sanction Violations in Bulgaria Next articleBitcoin Network Braces for Notable Difficulty Increase in 3 Days Disclaimer: This article is 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. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher