Primary Market Movers: AVAX Shows 7% Upswing, TON Sustains Bullish Momentum on Friday
Avalanche experienced a notable upswing on Friday, surging to a six-week high after breaching a crucial resistance threshold. Despite the broader downturn in the global cryptocurrency market, AVAX managed to advance by an impressive 7% during today’s session. Meanwhile, Toncoin upheld its bullish trajectory, building upon recent gains.
Avalanche (AVAX) demonstrated substantial upward momentum on Friday, witnessing a significant 7% surge throughout the day.
Following a recent low of $9.85 on Thursday, AVAX/USD reached its zenith at $10.80 earlier in today’s trading session.
This surge propelled Avalanche to its highest point since August 29, effectively surpassing a pivotal price barrier at $10.00.
AVAX/USD – Daily Chart
Upon close examination of the chart, it becomes apparent that the relative strength index (RSI) managed to break free from its own resistance level at 65.00.
As of the current moment, price strength stands at 68.54, marking its highest level since mid-April this year.
The next target for current buyers is likely to be the $11.00 mark. However, it is worth noting that with the price currently in overbought territory, a reversal may also be a possibility.
Toncoin (TON) sustained its positive momentum for a second consecutive session, edging closer to a significant resistance level in the process.
TON/USD experienced an almost 3% increase on Friday, reaching $2.15 at the time of this writing.
In essence, this represents Toncoin’s strongest performance since the end of September when the price last encountered a resistance ceiling at $2.25.
TON/USD – Daily Chart
Upon closer inspection of the chart, it appears that this uptrend coincided with the RSI nearing the 57.00 threshold.
With the price strength currently registering at 54.22, the likelihood of Toncoin trading at $2.25 remains high if the RSI pushes toward 57.00.
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Do you anticipate Toncoin bulls will drive the price above $2.25 over the weekend? Feel free to share your insights in the comments section.
Frequently Asked Questions (FAQs) about Cryptocurrency Market Analysis
What is AVAX’s price movement in this report?
Avalanche (AVAX) showed a remarkable 7% increase during the day, reaching its highest point since August 29.
What key price level did AVAX surpass in this report?
AVAX successfully breached the critical price barrier of $10.00 in this report.
How did the relative strength index (RSI) perform for AVAX?
The RSI for AVAX escaped its resistance level at 65.00 and currently stands at 68.54, its highest level since mid-April.
What is the focus of the report regarding Toncoin (TON)?
The report highlights that Toncoin (TON) continued its bullish momentum, with a nearly 3% increase, aiming to approach a significant resistance level.
When did Toncoin last encounter a resistance ceiling?
Toncoin’s price last reached a resistance ceiling at $2.25, as noted in this report.
What RSI level does Toncoin’s performance relate to in this report?
Toncoin’s price strength corresponds to an RSI reading of 54.22, with the potential for further gains if it moves toward the 57.00 RSI level.
Is there an option to receive weekly price analysis updates mentioned in the report?
Yes, the report mentions the option to register for weekly price analysis updates delivered to your email.
What other content is offered in the Weekly Technical Analysis Report mentioned in the report?
The report also mentions that the Weekly Technical Analysis Report includes a recap of the top cryptocurrency news of the week.
More about Cryptocurrency Market Analysis
- Avalanche (AVAX) Crypto Price Chart
- Relative Strength Index (RSI) Explained
- Toncoin (TON) Price Analysis
- Register for Weekly Price Analysis Updates
- Weekly Technical Analysis Report Details
- Cryptocurrency Market News