MKR gained around 20% at the start of the week as the price continued to move away from recent lows. AVAX was also in the green, as it climbed more than 10% on Monday after hitting a ten-month low during the weekend.
MKR was a notable mover to start the week, as the price climbed nearly 20% on Monday after a recent drop.
After an intraday bottom of $789.20 on Sunday, MKR/USD peaked at $948.50 as the price neared a key resistance point.
This level is the $1,000 mark, which was broken last week for the first time since December 2020.
However, it looks like the bulls have re-entered after this multi-year low, and are using this as an opportunity to “buy the dip”.
As of writing, the earlier gains have been somewhat down, with MKR trading down around $40 from today’s previous peak.
This comes as the 14-day RSI has hit its own resistance point at the 43 level, which could trigger a selloff for the bulls.
AVAX was also higher for the second straight session, moving away from a ten-month low in the process.
After dropping to $13.91, its lowest point since August 2021 over the weekend, AVAX/USD rebounded to start the week.
The surge took the price to a high of $17.82 which is 15% higher than the weekend low.
The bulls are now gearing up to move the price towards the key $22 resistance area, which could be a realistic target after another breakout.
The breakout is capped at the 14-day RSI of 34.75, which was broken earlier today, which the indicator is now tracking at 36.70.
Should we reach $22, some bulls are likely to exit at this point, choosing safe gains rather than attempting to maintain momentum.
Can we reach $22 in the next few days? Let us know your thoughts in the comments.
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