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Biggest Movers: MKR up 20% to Start the Week, Whilst AVAX Rebound Continues

  • Ralph Smith
  • 20/06/2022
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  • 2 minute read
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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.

MKR/USD – Daily Chart

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.

AVAX/USD – Daily Chart

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

Ralph Smith

Cryptocurrency geek. Met with Bitcoin and altcoins back in 2011, when the price of BTC was about 10$. Writing articles since 2014 to these days.

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