AVAX Close to Two-Month High, FIL Rise 15% Despite Weekend Volatility – Market Updates Bitcoin News


The avalanche was trading near a two-month high on Saturday, although markets were mostly flat. The other exception was Philcoin, which jumped at the start of the weekend, rising more than 10% in today’s session. As of this writing, the cryptocurrency markets are trading 1.03% higher.

Avalanche (Afax)

Avalanche (AVAX) was one of the main gainers on Saturday, as prices approached a two-month high.

After a low of $23.98 on Friday, AVAX/USD surged to a high of $25.91 to start the weekend session.

This move sees the coin approaching its long-term ceiling at $26.00, and a two-month high at $26.42.

Biggest movers: AVAX Nears two-month high, FIL up 15% despite weekend volatility
AVAX/USD – daily chart

Looking at the chart, today’s high comes as AVAX has risen for four consecutive sessions, aggressively pushing the price to a multi-week high.

As of this writing, the Relative Strength Index (RSI) is tracking at 62.50, its highest point since July 22.

This is also marginally below the ceiling of 64, which AVAX will need to overcome in order to rise above the $26.42 level.

Filecoin (FIL)

While AVAX approached a two-month high, filecoin (FIL) was once a big mover today, with prices up about 15%.

FIL/USD raced to an intraday peak at $9.43 to start the weekend, after less than 24 hours of staying as low as $8.10.

As a result of Saturday’s rally, FIL stock approached its $9.50 price ceiling, which is usually the last line of defense for a move above $10.00.

Biggest movers: AVAX Nears two-month high, FIL up 15% despite weekend volatility
FIL / USD – daily chart

Overall, filcoin is still up more than 25% in the past seven days, despite the decline in prices from a nearly three-month high of $11.37 last Monday.

For the FIL to regain those highs, the 14-day RSI would need to break through its own resistance point.

The index is currently tracking at 70, which is already in overbought territory, however it will need to rise near 82, a point it reached on Monday.

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Do you expect the price of velcoin to rise to $10 this weekend, despite the overbought? Let us know your thoughts in the comments.

Eliman Dambel

Eliman offers an eclectic view of market analysis, having worked as a brokerage manager, retail trading educator and market commentator on Crypto, Stocks, and FX.




photo credits: Shutterstock, Pixabay, Wikicommons

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