{"id":15429,"date":"2022-12-13T17:32:18","date_gmt":"2022-12-13T17:32:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/avax-hits-1-week-high-as-ltc-also-climbs-following-us-inflation-data-market-updates-bitcoin-news\/"},"modified":"2022-12-13T17:32:18","modified_gmt":"2022-12-13T17:32:18","slug":"avax-hits-1-week-high-as-ltc-also-climbs-following-us-inflation-data-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/avax-hits-1-week-high-as-ltc-also-climbs-following-us-inflation-data-market-updates-bitcoin-news\/","title":{"rendered":"AVAX Hits 1-Week High, as LTC Also Climbs Following US Inflation Data \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Avalanche rose to a one-week high on Tuesday, as markets reacted to the latest inflation report in the United States. Consumer prices rose to 7.1% in November, which was lower than the 7.3% markets had expected. The figure was also 0.6% lower than October\u2019s reading of 7.7%. Litecoin also rebounded on the data, rising by over 6%.<\/strong><\/p>\n

Avalanche (AVAX)<\/h2>\n

Avalanche (AVAX) was a notable gainer on Tuesday, as prices surged following the release of U.S. inflation figures.<\/p>\n

November\u2019s consumer price index (CPI) came in at 7.1%, which was lower than the 7.3% traders were expecting.<\/p>\n

As a result, AVAX\/USD rallied to an intraday high of $14.09, which saw prices up by nearly 10%.<\/p>\n

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AVAX\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Today\u2019s rise saw avalanche hit its strongest point since December 5, which was the last time the token was trading above its ceiling at $13.75.<\/p>\n

The 14-day relative strength index (RSI) also rose, breaking out of a resistance point of 51.50 in the process.<\/p>\n

Gains in AVAX have eased from earlier highs, and as of writing the token is trading at $13.94.<\/p>\n

Litecoin (LTC<\/a>)<\/h2>\n

Litecoin (LTC<\/a>) also rose in today\u2019s session, with the token rebounding from its losses to start the week.<\/p>\n

Following a drop to $73.52, which was the lowest level LTC<\/a>\/USD had hit since November 29, the token raced to a high of $79.52 earlier today.<\/p>\n

This surge in price sent litecoin to its strongest point since December 7, which is the last time price was above $80.00.<\/p>\n

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LTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, today\u2019s bullish momentum comes as the RSI bounced from a floor of 55.50, and it is now nearing a ceiling of 61.50.<\/p>\n

This move has also sent the 10-day (red) moving average higher, a day after it appeared to be certainly heading for a downwards trend.<\/p>\n

What happens on Wednesday with the U.S. Federal Reserve will now dictate how cryptocurrency prices will move during the run-up to the Christmas period.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Could we see further surges in avalanche following tomorrow\u2019s Fed meeting? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

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