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MKRcontinued to move away from its recent lows, gaining nearly 20% by the end of the week; AVAX was also green, up over 10% on Monday after hitting a 10-month low over the weekend
Manufacturers (MKR)
MKRwas a notable move to start the week, with prices up nearly 20% on Monday following a recent decline.
Following an intraday bottom of $789.20 on Sunday,.MKRMKR/USD surged to a peak of $948.50 as it approached a key resistance point.
This level was broken last week for the first time since December 2020, at the $1000 mark.
However, the bulls have re-entered the market following these multi-year lows and seem to be using this as a “buy the dip” opportunity.
As of this writing, the earlier rally has eased somewhat, withMKRtrading about $40 lower than today’s previous peak.
The 14-day RSI has reached a resistance point of the 43 level, which seems to have triggered bullish selling.
Avalanche (AVAX)
AVAX also moved higher for the second consecutive session, moving away from its 10-month low in the process.
After falling to $13.91 over the weekend, its lowest since August 2021, AVAX/USD rebounded to end the week.
The surge pushed prices to an intraday high of $17.82, more than 15% above the weekend low.
The bulls now look set to push prices back towards the key resistance level of $22, which may be a realistic target following another breakout.
This breakout is a breach of the upper limit of the 14-day RSI at 34.75, and the indicator is currently at 36.70.
If $22 is reached, some bulls will likely choose to exit at this point and secure profits rather than try to maintain momentum.
Image credit: Shutterstock, Pixabay, Wiki Commons, dennizn / Shutterstock.com
