22. Februar 2024

Crypto Market Rebounds: Polygon and Avalanche Hit Impressive Milestones

• Polygon (MATIC) surged to a ten-month high, rising for the third consecutive session.
• Avalanche (AVAX) extended recent gains, hitting a one-week high.
• Cryptocurrency markets rebounded from recent losses, with the global market cap up 5.90%.

The cryptocurrency market has seen a surge of activity in the past few days, as Polygon (MATIC) and Avalanche (AVAX) both hit impressive milestones.

Polygon (MATIC) surged to a ten-month high earlier in the day, rising for a third consecutive session. Prices moved to a peak of $1.39 earlier in today’s session, which comes a day after trading at a low of $1.27. This marks the strongest point for MATIC/USD since April last year. Looking at the chart, polygon has had a mini-bull run this week, after bouncing off a floor at $1.20, leading up to a move to a ceiling at $1.35 today.

Avalanche (AVAX) also extended recent gains on Thursday, leading to prices hitting a one-week high. Following a low of $18.39 on hump-day, AVAX/USD raced to an intraday high of $20.31 earlier in the day. This resulted in avalanche climbing to its highest point since February 8, when the token last collided with a ceiling at $21.00. Looking at the chart, the initial surge took place following a break beyond a resistance at 55.00 on the RSI indicator.

Overall, cryptocurrency markets rebounded from recent losses, with the global market cap up 5.90% at the time of writing. This surge of activity highlights the potential for further gains in the near-term, with many tokens still available at discounted prices. With that being said, investors should always be cautious when entering the market, ensuring to only invest what they can afford to lose.