Polygon rallied to a ten-month high on Thursday, as the token rose for a third straight session. Overall, cryptocurrency markets rebounded from recent losses, with the global market cap up 5.90% at the time of writing. Avalanche also surged, hitting a one-week high.
Polygon (MATIC) surged to a ten-month high earlier in the day, as prices rose for a third consecutive session.
MATIC/USD moved to a peak of $1.39 earlier in today’s session, which comes a day after trading at a low of $1.27.
As a result of Thursday’s high, MATIC/USD jumped to its strongest point since April last year.
Looking at the chart, polygon has had a mini-bull run this week, after bouncing off a floor at $1.20, leading up to a move to a ceiling at $1.35 today.
Earlier gains have marginally eased, however, with the relative strength index (RSI) moving close to a ceiling at 70.00.
At the time of writing, the index is tracking at 68.22, with MATIC/USD at the $1.37 mark.
Avalanche (AVAX) extended recent gains on Thursday, leading to prices hitting a one-week high.
Following a low of $18.39 on hump-day, AVAX/USD raced to an intraday high of $20.31 earlier in the day.
This resulted in avalanche climbing to its highest point since February 8, when the token last collided with a ceiling at $21.00.
Looking at the chart, the initial surge took place following a break beyond a resistance at 55.00 on the RSI indicator.
However, at the time of writing, price strength appears to be moving back towards this level.
Should bears continue to push momentum lower, there is a strong chance AVAX could fall to a floor below $18.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect avalanche to hit $21.00 this week? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.