{"id":16834,"date":"2023-01-24T17:20:55","date_gmt":"2023-01-24T17:20:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/avax-hits-multi-month-peak-as-matic-jumps-to-1-week-high-market-updates-bitcoin-news\/"},"modified":"2023-01-24T17:20:55","modified_gmt":"2023-01-24T17:20:55","slug":"avax-hits-multi-month-peak-as-matic-jumps-to-1-week-high-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/avax-hits-multi-month-peak-as-matic-jumps-to-1-week-high-market-updates-bitcoin-news\/","title":{"rendered":"AVAX Hits Multi-Month Peak, as MATIC Jumps to 1-Week High \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Avalanche moved to a multi-month high on Jan. 24, after reports that the number of bitcoin on its network rose to 5,493. The news saw the token surge by nearly 5% today, rising for a third straight session in the process. Polygon also moved higher on Tuesday, hitting a one-week high.<\/strong><\/p>\n

Avalanche (AVAX)<\/h2>\n

Avalanche (AVAX) rose to a multi-month high on Tuesday, as prices rallied for a third consecutive session against a backdrop of bullish news<\/a>.<\/p>\n

Following a low of $17.43 to start the week, AVAX\/USD moved to an intraday peak of $18.86 earlier today.<\/p>\n

As a result of today\u2019s surge in price, AVAX has risen to its strongest point since Nov. 6.<\/p>\n

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

Looking at the chart, the move took place following a breakout of a ceiling at the $18.50 mark.<\/p>\n

In addition to this, the 14-day relative strength index (RSI) neared a resistance level of its own at 72.00<\/p>\n

At the time of writing, the index is tracking at 71.11, with earlier gains fading, resulting in AVAX currently trading at $18.22.<\/p>\n

Polygon (MATIC)<\/h2>\n

In addition to AVAX, polygon (MATIC) climbed higher in today\u2019s session, following a collision with a key price floor.<\/p>\n

MATIC\/USD raced to a peak of $1.04 earlier in the day, less than a day after hitting a low of $0.9849<\/p>\n

The move saw polygon reach its highest level since last week Monday, when price was last close to a resistance of $1.05.<\/p>\n

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

However, like on that occasion, prices have since plunged, with momentum not strong enough to force a breakout.<\/p>\n

As of writing, MATIC\/USD is now trading at $1.00, which is also its long-term support point.<\/p>\n

One positive is that the RSI seems to be a fair distance away from its own floor at 61.00, and is currently tracking at 63.27, with a ceiling of 65.00 a possible target.<\/p>\n

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

Do you expect polygon to move beyond $1.05 this week? 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 online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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

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