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