Cryptocurrency Market Sees Big Gains with AVAX & DOT Leading the Way

• Avalanche (AVAX) rose by as much as 22% in today’s session, as cryptocurrencies reacted to the latest U.S. inflation report.
• Polkadot (DOT) was another big gainer in today’s session, with prices moving closer towards a four-week high.
• The 14-day relative strength index (RSI) failed to break out from a resistance at the 80.00 level for AVAX, and at the 68.00 level for DOT.

Today, the cryptocurrency markets saw some notable gains with Avalanche (AVAX) and Polkadot (DOT) being the biggest movers. Avalanche surged by as much as 22%, as the token rose to a peak of $16.11 earlier in the day, soon after falling to a bottom of $12.41. This pushed the token to its highest point since November 8, when price was at a peak of $18.15.

Polkadot also had a good day in the markets, with prices moving closer towards a four-week high. Following a low of $4.84, DOT/USD managed to reach an intraday high of $5.16 earlier on Thursday. This broke out of a key resistance level of $5.15, hitting its strongest point since December 16 in the process.

Despite these gains, the 14-day relative strength index (RSI) failed to break out from a resistance at the 80.00 level for AVAX, and at the 68.00 level for DOT. The RSI is now tracking at 69.94 for AVAX and 63.10 for DOT, which is still deep in overbought territory.

It remains to be seen whether these tokens will be able to sustain their current gains, or if they will be pulled back by market sentiment. However, one thing is for sure – these tokens have seen some impressive gains in the past few days, and it will be interesting to see how they perform in the coming days.