Biggest Movers: DOGE up to 6-Week High, as AVAX Jumps 13% on Saturday
Dogecoin rose to a six-week high on Saturday, as prices rose above a key resistance level to start the weekend. The meme coin climbed to its strongest point since December, as the global crypto market cap 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 Saturday’s most notable movers, as prices rose to their highest point in six weeks.
Following a low of $0.08507 on Friday, DOGE/USD rallied to an intraday peak 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 were trading at a resistance level of $0.0930.
Looking at the chart, the move took place as the 14-day relative strength index (RSI) edged closer to a ceiling at 61.00.
As of writing, the index is tracking at 59.96, with DOGE trading below earlier highs at a reading of $0.08808.
Should DOGE bulls push price strength past the 61.00 mark, it is likely that prices will break out of today’s ceiling at $0.0930.
Avalanche (AVAX)
Avalanche (AVAX) surged by as much as 14% higher to start the weekend, as prices raced past a long-term point of resistance.
AVAX/USD jumped to a high of $21.68 earlier in the day, which comes less than a day after falling to a low of $17.83.
Today’s rally has seen avalanche rise to its highest level since August 26, cementing a five-month high in the process.
Earlier gains have already begun to fade, with previous bulls seemingly opting to close positions and secure profits.
This decline has resulted in the RSI finding its floor, with price strength now tracking at 70.35, which is marginally above its support at 70.00.
Should this decline continue, it is a strong possibility that AVAX could fall towards a floor at $18.50.
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What has been behind today’s surge in dogecoin and avalanche? Let us know your thoughts in the comments.
Filed under: Bitcoin - @ January 28, 2023 3:00 pm