On Saturday, Avalanche traded near a two-month high, despite the fact that the markets were mostly consolidating. The other exception was Filecoin, which surged at the start of the weekend, climbing over 10% in today’s session. At the time of writing, cryptocurrencies are trading 1.03% higher.
Avalanche (AVAX) was one of the notable leaders on Saturday as prices approached a two-month high.
After a low of $23.98 on Friday, AVAX/USD rose to a high of $25.91 to start the weekend session.
The move sees the token approach its long-term ceiling of $26.00 and a two-month high of $26.42.
Looking at the chart, you can see that today’s peak comes as AVAX has risen for four consecutive sessions, pushing price strength to a multi-week high.
At the time of writing, the Relative Strength Index (RSI) is trading at 62.50, the highest reading since July 22.
It’s also slightly below the ceiling of 64 that AVAX will need to clear in order to rise above the $26.42 level.
While AVAX neared a two-month high, filecoin (FIL) was once one of today’s most active participants as prices surged nearly 15%.
FIL/USD hit an intraday high of $9.43 by the start of the weekend, less than 24 hours after dropping to a low of $8.10.
Saturday’s surge saw FIL close to its $9.50 price ceiling, which is usually the last line of defense against a move above $10.00.
Overall, the file coin is still up more than 25% over the past seven days, despite prices dropping from a nearly three-month high of $11.37 last Monday.
In order for the FIL to recover these highs, the 14-day RSI must pass its own resistance point.
The indicator is currently tracking the 70 level, which is already in overbought territory, however it needs to rise closer to 82, which is the point it reached on Monday.
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Do you expect Filecoin to rise to $10 this weekend despite being overbought? Let us know your thoughts in the comments.
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Credit : news.bitcoin.com