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Avalanche was one of Thursday’s big gainers, as the token rose by as much as 22% in today’s session. The move came as inflation in the United States fell to 6.5% as markets were expecting. Polkadot was another notable mover, with prices climbing close to a four-week high.
Avalanche ($AVAX)
Avalanche ($AVAX) rose by as much as 22% in today’s session, as cryptocurrencies reacted to the latest U.S. inflation report.
$AVAX/USD 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.
Thursday’s spike in price pushed avalanche to its highest point since November 8, when price was at a peak of $18.15.
Looking at the chart, earlier gains have somewhat eased, with $AVAX now trading at $15.18.
This came as the 14-day relative strength index (RSI) failed to break out from a resistance at the 80.00 level.
As of writing, the index is now tracking at 69.94, which is still deep in overbought territory.
Polkadot ($DOT)
Polkadot ($DOT), was another big gainer in today’s session, with prices moving closer towards a four-week high.
Following a low of $4.84, $DOT/USD managed to reach an intraday high of $5.16 earlier on Thursday.
As a result of this move, $DOT broke out of a key resistance level of $5.15, hitting its strongest point since December 16 in the process.
As can be seen from the chart, the 14-day RSI has failed to move beyond its long-term ceiling of 68.00, and has since slipped lower.
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 the token to continue to move higher, there will first need to be a rally above its 68.00 point on the RSI.