Avalanche moved to its highest level since August as the token rose 17% during today’s session. The cryptocurrency has surged across the board in the wake of the latest Federal Reserve rate hike, with its global market capitalization up 4.29% as of this writing. Polygon also hit a multi-month high on Thursday, rising more than 14% in the process.
Avalanche (AVAX)
Avalanche (AVAX) was one of Thursday’s notable movers, as the token rose to its highest point since August.
AVAX/USD hit a high of $22.71 earlier in the day, less than a day after trading at a low of $18.80.
The move came as the avalanche broke through the long-term price ceiling at $21.65, on its way to its strongest point since August 26.
The chart shows that the move occurred after a breakout of the 72.00 resistance level on the Relative Strength Index (RSI) indicator.
As of this writing, the index is tracking at 72.62 and the next visible resistance point is around the 74.00 mark.
If this zone is hit, AVAX is likely to exceed $23.00, possibly hitting a 5-month high in the process.
Polygon (MATIC){50
In addition to AVAX, Polygon (MATIC) has also rallied significantly in today’s session, hitting a multi-month high in the process.
Following Wednesday’s $1.07 low, MATIC/USD moved to a peak of $1.25 a day earlier.
Thursday’s rally sent MATIC up 15% to its highest level since November 8.
As of this writing, Polygon has given up some of its earlier gains and is currently trading at $1.23.
With the RSI approaching the 70.00 resistance point, it looks like the bulls are securing their gains.
Price strength is currently tracking at 69.90, and unless the hurdle ahead is significantly exceeded, MATIC’s upward momentum could begin to change.
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