• Avalanche (AVAX) rose to a multi-month high on Tuesday, as prices rallied for a third consecutive session against a backdrop of bullish news.
• Polygon (MATIC) climbed higher in today’s session, following a collision with a key price floor. MATIC/USD raced to a peak of $1.04 earlier in the day.
• The news saw the token surge by nearly 5% today, rising for a third straight session in the process.
Cryptocurrency prices have been on an upward trajectory in recent weeks, with the value of some digital assets making significant gains. On Jan. 24, Avalanche (AVAX) and Polygon (MATIC) both experienced a rally, with the former hitting a multi-month peak and the latter reaching a one-week high.
Avalanche (AVAX) was the biggest mover on Jan. 24, with prices rising by nearly 5% to reach its highest point since Nov. 6. This came after reports that the number of Bitcoin on its network had risen to 5,493. Additionally, the 14-day relative strength index (RSI) neared its own resistance level of 72.00 before settling at 71.11.
Meanwhile, Polygon (MATIC) was not far behind in terms of gains, with the token reaching a one-week high of $1.04. This came after it collided with a key price floor of $0.9849, before prices pulled back to the long-term support point of $1.00. The RSI for MATIC/USD is currently tracking at 63.27, with a ceiling of 67.00 in sight.
It appears that the cryptocurrency market is continuing to benefit from the bullish sentiment that has been present since the start of 2021. With both Avalanche (AVAX) and Polygon (MATIC) making strong gains, it remains to be seen if this trend will continue over the coming weeks.