MKR rose by almost 20% in the first week of this week as prices continued their decline from previous lows. AVAX also saw a rise of over 10% Monday after falling to a 10-month low on the weekend.
Maker (MKR).
MKR was an important mover in the beginning of this week. Prices climbed almost 20% Monday after recent falls.
After a Sunday intraday low of $789.20, the MKR/USD pair raced up to $948.50 as prices approached a critical resistance level.
It is now the 1,000 mark.
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.
The resistance level at 43 on the 14-day RSI was reached, which probably triggered the selling of bulls.
Avalanche (AVAX)
AVAX also increased for the second consecutive session. This was a significant improvement on its ten-month low.
The AVAX/USD fell to $13.91 over the weekend. This is the lowest since August 2021.
Prices reached an intraday record high of $17.82. That’s more than 15% higher than their low on Saturday.
The bulls seem to be determined to push prices towards $22, a critical resistance level, and it could prove to be an achievable target after another breakout.
The breakout comes at the ceiling of the 14-day RSI 34.75. This was broken earlier today. Now, the indicator is tracking at 36.70.
Sollten we cross $22, many bulls will opt to sell their shares and take profits over trying to preserve momentum.
We could reach $22 within the next few days. Please share your views with us in the comments.
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