MKR Jumps 20% to Start Week While AVAX Rally Continues – Market Update Bitcoin News

MKR It started the week up nearly 20% as prices continue to stay away from recent lows. AVAX is also in the green, rising more than 10% on Monday after hitting a 10-month low over the weekend.


MKR was a notable mover to start the week, as prices rose nearly 20% on Monday after the most recent drop.

Following Sunday’s intraday bottom of $789.20, MKRUSD/USD surged to a peak of $948.50 as the price approached a key resistance point.

This level is the first time since December 2020 that the $1,000 mark was breached last week.

MKR/USD – daily chart

However, the bulls appear to have re-entered after this multi-year low and used this as an opportunity to “buy the dip.”

At press time, earlier gains had slowed, MKR It is trading around $40 below today’s previous peak.

This is because the 14-day RSI touched its own resistance point, the 43 level, which could trigger a sell-off by the bulls.

Avalanche (AVAX)

AVAX also rose for a second session in a row, coming off a 10-month low in the process.

AVAX/USD has started the week to recover after falling to $13.91 over the weekend, its lowest since August 2021.

Prices surged to an intraday high of $17.82, more than 15% above the weekend’s low.

AVAX/USD – daily chart

The bulls now appear poised to take the price back to the key resistance level of $22, which could be another realistic target after the breakout.

The breakout was the upper limit of the 14-day RSI of 34.75 that was broken earlier today, with the indicator currently tracking at 36.70.

If we get to $22, some bulls may exit at this point, choosing to secure profits rather than trying to maintain momentum.

Can we reach $22 in the next few days? Let us know your thoughts in the comments.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.

Image Source: Shutterstock, Pixabay, WikiCommons, Denizn/

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