Avalanche moved to its highest point since August, as the token rallied as much as 17% in today’s session. Cryptocurrencies rose across the board, following the latest Federal Reserve rate hike, with global market capitalization 4.29% higher as of this writing. Polygon also hit a multi-month high on Thursday, rising more than 14% in the process.
Avalanche (AVAX)
Avalanche (AVAX) was one of the notable moves on Thursday, as the token surged to its highest point since August.
AVAX/USD hit a high of $22.71 earlier in the day, coming less than a day after it traded as low as $18.80.
The move came as the avalanche broke through a long-term price high of $21.65, en route to its strongest point since August 26.
Looking at the chart, the move took place after a break of a resistance level at 72.00 on the Relative Strength Index (RSI) indicator.
As of this writing, the index stands at 72.62, with the next point of resistance visible around the 74.00 mark.
If this zone is hit, there is a strong chance that AVAX will move above $23.00, posting a new five-month high in the process.
Polygon (MATIC)
In addition to AVAX, polygon (MATIC) also rallied significantly higher in today’s session, hitting a multi-month high in the process.
After a low of $1.07 on Wednesday, MATIC/USD moved to a high of $1.25 earlier in the day.
Thursday’s rally saw MATIC rally as much as 15%, reaching its highest level since November 8.
As of this writing, the polygon has given up some of its previous gains and is currently trading at $1.23.
This occurs when the bulls seem to be locking in gains, as the RSI approaches a resistance point at 70.00.
Price strength is currently at 69.90 and unless it moves well above this next hurdle, the bullish momentum in MATIC could start to change.
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Will the polygon extend today’s bullish momentum through the rest of the week? Let us know your thoughts on it in the comments.
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