MKR up 20% to Start the Week, Whilst AVAX Rebound Continues

MKR was up by nearly 20% to start the week, as prices continued to move away from recent lows. AVAX was also in the green, as it climbed by over 10% on Monday, after hitting a ten-month low during the weekend.

Maker (MKR)

MKR was a notable mover to start the week, as prices climbed nearly 20% on Monday, following recent declines.

Following an intraday bottom of $789.20 on Sunday, MKR/USD raced to a peak of $948.50, as prices neared a key resistance point.

This level is the $1,000 mark, which was broken last week, for the first time since December 2020.

However, bulls seem to have re-entered following this multi-year low, and using this as an opportunity to “buy the dip”.

As of writing, earlier gains have somewhat eased, with MKR trading around $40 lower than today’s previous peak.

This comes as the 14-day RSI hit a resistance point of its own, at the 43 level, which likely triggered bulls into selling.

Avalanche (AVAX)

AVAX was also higher for a second consecutive session, moving away from a ten-month low in the process.

Following a drop to $13.91, which is its lowest point since August 2021 over the weekend, AVAX/USD rebounded to start the week.

This surge saw prices hit an intraday high of $17.82, which is over 15% higher than the low during the weekend.

Bulls now seem set on taking prices back towards a key resistance level of $22, and this might be a realistic target, following another breakout.

This breakout is of the ceiling on the 14-day RSI of 34.75, which was broken earlier today, with the indicator now tracking at 36.70.

Should we hit $22, some bulls will likely exit at this point, choosing to secure profits, rather than attempt to maintain momentum.

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

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.