May 22, 2022

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News from the world of bitcoin

Biggest Movers: AVAX, RUNE up Over 10%, as CAKE Surges 20% on Thursday

Biggest Movers: AVAX, RUNE up Over 10%, as CAKE Surges 20% on Thursday

AVAX was once again higher on Thursday, rising for its fourth consecutive session, as it further cements itself in the crypto top ten. Although RUNE was also trading by as much as 15% higher, it was CAKE that led Thursday’s gainers.

Pancakeswap (CAKE)

Pancakeswap (CAKE) rose to its highest level in almost four weeks on Thursday, as it moved away from its recent lows.

Following a bottom of $5.37 on Wednesday, which was close to a one-year low, CAKE/USD climbed by as much as 21% today.

CAKE rallied to an intraday high of $7.19 in Thursday’s session, which is its highest level since February 21.

This high came as price strength also gained, blowing past its recent ceiling on the 14-day RSI indicator in the process.

Since passing the resistance of 42, the RSI is now tacking at 50.65, which is marginally above another ceiling at 49.15.

Should this momentum continue, we could see CAKE tracking at $8.35.

Avalanche (AVAX)

Avalanche (AVAX) further cemented its place as the world’s tenth-largest cryptocurrency on Thursday, as it rose by as much as 15% on the day.

As of writing this, AVAX/USD rallied for a fourth consecutive session today, rising to a high of $81.48 in the process.

This follows a peak of $73.83 on Wednesday, and brings the seven-day average gain to 10.35%, despite recent bearish market sentiment.

Looking at the chart, the 10-day moving average continues to approach the 25-day, which is setting the scene for a potential upward cross.

One of the only visible hurdles is the fact that we are currently trading close to the resistance level of 56 on the 14-day RSI.

Will current momentum be enough to take AVAX beyond this point? Let us know your thoughts in the comments.