Dogecoin rallied to a six-week high on Saturday, as prices rallied above a key resistance level to kick off the weekend. The meme coin rose to its strongest point since December as the global crypto market capitalization was mostly in the green in today’s session. Avalanche also surged today, hitting its strongest point since August.
Dogecoin (DOGE)
Dogecoin (DOGE) was one of the most notable moves on Saturday, as prices surged to their highest point in six weeks.
Following a low of $0.08507 on Friday, DOGE/USD rose to an intraday high of $0.09297 earlier in the day.
As a result of this, dogecoin moved to its strongest point since December 13, which is the last time prices traded at a resistance level of $0.0930.
Looking at the chart, the move took place as the 14-day RSI approached a top at 61.00.
At time of writing, the index sits at 59.96, with DOGE trading below previous highs at a reading of $0.08808.
If the DOGE bulls push the price strength beyond the 61.00 mark, prices are likely to break today’s ceiling at $0.0930.
Avalanche (AVAX)
Avalanche (AVAX) rose as much as 14% higher to start the weekend as prices broke above a long-term resistance point.
AVAX/USD jumped to a high of $21.68 earlier in the day, less than a day after falling to a low of $17.83.
Today’s rally has seen an avalanche climb to its highest level since August 26, consolidating a five-month high in the process.
Previous gains have already started to fade, with previous bulls apparently opting to close positions and lock in profits.
This decline has resulted in the RSI finding its bottom, with price strength now at 70.35, which is marginally above its support at 70.00.
If this slide continues, there is a strong possibility that AVAX could drop towards a $18.50 floor.
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What has been behind the dogecoin surge and rush today? Let us know your thoughts in the comments.
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