MKR was up by nearly 20% to start the week, as prices continued to move away from recent lows. AVAX was also in the green, as it climbed by over 10% on Monday, after hitting a ten-month low during the weekend.
Maker (MKR)
MKR was a notable mover to start the week, as prices climbed nearly 20% on Monday, following recent declines.
Following an intraday bottom of $789.20 on Sunday, MKR/USD raced to a peak of $948.50, as prices neared a key resistance point.
This level is the $1,000 mark, which was broken last week, for the first time since December 2020.
MKR/USD – Daily Chart
However, bulls seem to have re-entered following this multi-year low, and using this as an opportunity to “buy the dip”.
As of writing, earlier gains have somewhat eased, with MKR trading around $40 lower than today’s previous peak.
This comes as the 14-day RSI hit a resistance point of its own, at the 43 level, which likely triggered bulls into selling.
Avalanche (AVAX)
AVAX was also higher for a second consecutive session, moving away from a ten-month low in the process.
Following a drop to $13.91, which is its lowest point since August 2021 over the weekend, AVAX/USD rebounded to start the week.
This surge saw prices hit an intraday high of $17.82, which is over 15% higher than the low during the weekend.
AVAX/USD – Daily Chart
Bulls now seem set on taking prices back towards a key resistance level of $22, and this might be a realistic target, following another breakout.
This breakout is of the ceiling on the 14-day RSI of 34.75, which was broken earlier today, with the indicator now tracking at 36.70.
Should we hit $22, some bulls will likely exit at this point, choosing to secure profits, rather than attempt to maintain momentum.
Could we hit $22 in the next few days? Let us know your thoughts in the comments.
Eliman Dambell
Image Credits: Shutterstock, Pixabay, Wiki Commons, dennizn / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More Popular News
In Case You Missed It
Source: https://news.bitcoin.com/biggest-movers-mkr-up-20-to-start-the-week-whilst-avax-rebound-continues/
