Biggest Movers: AVAX Nears 2-Month High, FIL up 15% Despite Weekend Volatility

Jamal Molla
Written By Jamal Molla
I write about cryptocurrency, with a special interest in NFT and metaverse in particular.

Avalanche with ticker AVAX nears 2-month high, FIL up 15% to begin the weekend break despite weekend volatility. Filecoin (FIL) also earned appreciable gain, climbing over 10% during today’s trading session. As of press time, the global crypto market traded at 1.03% higher than the previous day’s figures. .

Avalanche (AVAX)

Avalanche (AVAX) is a decentralized proof of stake blockchain that aims to resolve the problem of scalability and security bedevilling blockchains. AVAX is Avalanche’s native token. Today, AVAX recorded a two-month high, surging to $25.91 to start the weekend after Friday’s outing, which closed at $23.98. Saturday’s performance has made investors look towards adding AVAX into their investment portfolio.

Data on CoinMarketCap suggests that AVAX rallied over four consecutive sessions, jumping to a multi-week high. At press time, the relative strength index (RSI) stands at 62.50, the highest point ever since July 22. Industry watchers believe that for AVAX to grow above the $26.42 level, the token needs to overcome the relative strength index of 64.

Also Read: Crypto Fundraising Hits $30.3B in H1, Exceeding 2021 Record

Filecoin (FIL)

As with AVAX, Filecoin (FIL) also recorded an impressive outing in today’s trading session. The price point of FIL rose by almost 15%, racing to $9.43 to start the weekend. Meanwhile on Friday, FIL traded at $8.10 to close the week-day trades. Based on Saturday’s performance, investors are predicting that FIL might reach the $10 threshold.

In the last one week, Filecoin has managed to maintain a 25% growth despite the constant crypto crashes that the market faced. The 14-day RSI needs to move past the resistance point for the FIL token to recapture those highs. Currently, the relative strength index (RSI) tracks at 70, a point which experts suggest is already in overbought territory.

Filecoin operates in an industry that is highly competitive. Some of the most notable competitors are companies like Amazon, Google, and Alibaba that operate large data centers. It also competes with other blockchain platforms like Storj and Arweave.

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