Avalanche was trading close to a two-month high on Saturday, despite markets mostly consolidating. Another exception was filecoin, which surged to start the weekend, climbing by over 10% in today’s session. As of writing, crypto markets are trading 1.03% higher.
Avalanche (AVAX) was one of Saturday’s notable gainers, as prices moved close to a two-month high.
Following a low of $23.98 on Friday, AVAX/USD surged to a high of $25.91 to start the weekend’s session.
This move sees the token move closer to its long-term ceiling of $26.00, and a two-month high of $26.42.
Looking at the chart, today’s peak comes as AVAX has rallied for four consecutive sessions, pushing price strength to a multi-week high.
As of writing, the relative strength index (RSI) is tracking at 62.50, which is its highest point since July 22.
This is also marginally below a ceiling of 64, which AVAX will need to overcome for it to climb above the $26.42 level.
While AVAX moved close to a two-month high, filecoin (FIL) was once of today’s biggest movers, as prices rose by nearly 15%.
FIL/USD raced to an intraday peak of $9.43 to start the weekend, less than 24 hours after residing at a low of $8.10.
As a result of Saturday’s surge, FIL moved close to its price ceiling of $9.50, which is usually the last line of defense to a move above $10.00.
Overall, filecoin is still up by over 25% in the last seven days, despite prices falling from a nearly three-month high of $11.37 this past Monday.
In order for FIL to recapture those highs, the 14-day RSI would need to move past a resistance point of its own.
The indicator is currently tracking at 70, which is already in overbought territory, however it will need to climb closer to 82, which is a point it hit on Monday.
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Do you expect filecoin to surge to $10 this weekend, despite being overbought? Let us know your thoughts in the comments.
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.
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