• Avalanche (AVAX) rose by as much as 22% in today’s session, as cryptocurrencies reacted to the latest U.S. inflation report.
• Polkadot (DOT) was another big gainer in today’s session, with prices moving closer towards a four-week high.
• Price strength is now tracking at 63.10, with DOT declining from its earlier peak, and the asset is trading at $5.09.
The cryptocurrency market was abuzz on Thursday, as two of the biggest tokens, Avalanche (AVAX) and Polkadot (DOT), made major gains. AVAX rose by as much as 22% in today’s session, as cryptocurrencies reacted to the latest U.S. inflation report. The token moved to a peak of $16.11 earlier in the day, which comes less than 24 hours after falling to a bottom of $12.41. This spike in price pushed avalanche to its highest point since November 8, when the asset was at a peak of $18.15.
Polkadot (DOT) was another major mover in today’s session, with prices moving closer towards a four-week high. After hitting a low of $4.84, DOT/USD managed to reach an intraday high of $5.16 earlier on Thursday. This rise in price allowed the token to break out of a key resistance level of $5.15, hitting its strongest point since December 16 in the process.
However, it is important to note that the 14-day relative strength index (RSI) failed to break out from a resistance at the 80.00 level for AVAX, and has since slipped lower. Similarly, for DOT, the 14-day RSI has failed to move beyond its long-term ceiling of 68.00. Price strength is now tracking at 63.10, with DOT declining from its earlier peak, and the asset is trading at $5.09.
In order for both tokens to continue to move higher, there will first need to be a rally in their respective RSI levels. This will indicate that the recent price gains are sustainable and that further upside is likely. Overall, Thursday has been a strong day for both tokens, and investors will be closely watching to see if the gains can be maintained in the coming days.