Skip to main content

Biggest Movers: AVAX Hits 1-Week High, as LTC Also Climbs Following US Inflation Data

Avalanche rose to a one-week high on Tuesday, as markets reacted to the latest inflation report in the United States. Consumer prices rose to 7.1% in November, which was lower than the 7.3% markets had expected. The figure was also 0.6% lower than October’s reading of 7.7%. Litecoin also rebounded on the data, rising by over 6%.

Avalanche (AVAX)

Avalanche (AVAX) was a notable gainer on Tuesday, as prices surged following the release of U.S. inflation figures.

November’s consumer price index (CPI) came in at 7.1%, which was lower than the 7.3% traders were expecting.

As a result, AVAX/USD rallied to an intraday high of $14.09, which saw prices up by nearly 10%.

Today’s rise saw avalanche hit its strongest point since December 5, which was the last time the token was trading above its ceiling at $13.75.

The 14-day relative strength index (RSI) also rose, breaking out of a resistance point of 51.50 in the process.

Gains in AVAX have eased from earlier highs, and as of writing the token is trading at $13.94.

Litecoin (LTC)

Litecoin (LTC) also rose in today’s session, with the token rebounding from its losses to start the week.

Following a drop to $73.52, which was the lowest level LTC/USD had hit since November 29, the token raced to a high of $79.52 earlier today.

This surge in price sent litecoin to its strongest point since December 7, which is the last time price was above $80.00.

Looking at the chart, today’s bullish momentum comes as the RSI bounced from a floor of 55.50, and it is now nearing a ceiling of 61.50.

This move has also sent the 10-day (red) moving average higher, a day after it appeared to be certainly heading for a downwards trend.

What happens on Wednesday with the U.S. Federal Reserve will now dictate how cryptocurrency prices will move during the run-up to the Christmas period.

Register your email here to get weekly price analysis updates sent to your inbox:

Could we see further surges in avalanche following tomorrow’s Fed meeting? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/ar0WydH
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more