Avalanche hit a multi-month high on Jan. 24, following reports that the number of bitcoins on its network rose to 5,493. The news saw the token rise nearly 5% today, rising for the third straight session in the process. . The polygon also rose on Tuesday, hitting a one-week high.
Avalanche (AVAX)
Avalanche (AVAX) rose to a multi-month high on Tuesday as prices rallied for the third straight session against a backdrop of bullish news.
After a low of $17.43 at the start of the week, AVAX/USD moved to an intraday high of $18.86 today.
As a result of today’s price increase, AVAX has risen to its strongest point since November 6th.
Looking at the chart, the move took place following a breakout of a top at the $18.50 mark.
Adding to this, the 14-day RSI approached a resistance level of its own at 72.00
As of this writing, the index stands at 71.11, with previous gains fading, leaving AVAX currently trading at $18.22.
Polygon (MATIC)
In addition to AVAX, polygon (MATIC) rallied higher in today’s session, following a collision with a key price bottom.
MATIC/USD hit a high of $1.04 earlier in the day, less than a day after hitting a low of $0.9849
The move saw the polygon reach its highest level since Monday of last week, when the price was last near a $1.05 resistance.
However, as on that occasion, prices have tumbled ever since, with momentum not strong enough to force a breakout.
At time of writing, MATIC/USD is now trading at $1.00, which is also its long-term support point.
On the upside, the RSI appears to be quite a ways off its own floor at 61.00, and is currently at 63.27, with a 65.00 ceiling as 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.
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