Doge Takes a Leap: Soars 6%, While AVAX Reaches 2-Month High on Monday’s Market

Dogecoin Surges by 6% Despite Cryptocurrency Market Downturn, Reaches Key Resistance Level

Dogecoin, the meme-inspired cryptocurrency, saw a 6% rise on Monday, marking the fifth consecutive session of gains. Despite the broader cryptocurrency market falling by 1.54% at the time of writing, Dogecoin (DOGE) continued its upward trajectory. After hitting a low of $0.08858 on Sunday, DOGE/USD surged to an intraday high of $0.0946 on Monday. This move brought the coin closer to a key resistance level at $0.0960, which was last hit on April 5. The breakout that occurred on the relative strength index (RSI) was one of the catalysts for the surge in price.

Looking at the daily chart, the RSI has moved beyond a ceiling at the 61.00 mark, tracking at 62.87 at the time of writing. However, an upcoming wall at 65.00 may pose a hurdle for current bulls. If they manage to overcome this, there is a good chance that DOGE will move back above $0.1000. In addition to DOGE, Avalanche (AVAX) also saw gains on Monday, reaching an intraday high of $21.011. This marks the highest point for the token since Feb. 22.

Following Sunday’s session low of $19.04, AVAX/USD has now broken out of a point of resistance at $20.90. However, gains have since slipped, with momentum caught short after the RSI collided with its own ceiling at the 73.00 mark. Although the index is now tracking at 73.17, earlier bulls seem to be more tentative, and are moving to secure gains.

It remains to be seen whether Avalanche can move above $22.00 in the coming week. Investors will be keeping a close eye on both DOGE and AVAX as they continue to navigate the volatile cryptocurrency market.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. The author and publication are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Martin Reid

Martin Reid

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