Cosmos rose for a fourth consecutive session over the weekend as prices neared a resistance point. While Cosmos (ATOM) extended its gains, Tezos (XTZ) rebounded after a recent string of losing sessions, and bulls appear to have bought into this week’s decline.
Cosmos (ATOM)
Cosmos (ATOM) extended its recent bull run on Saturday and is now up in price for the fourth consecutive session.
Tokens rose to an intraday peak of $8.33 to start the weekend, and prices are up over 12% so far in today’s session.
In this latest move,ATOM/USD is approaching resistance at $8.90, which appears to be the last hurdle to the $10 level.
As of this writing, the price has fallen from its previous highs toATOMis currently at $8.12 which is 11.75% above Friday’s low of $7.29.
This chart shows that today’s rally is beginning to ease as the 14-day RSI indicator has hit its ceiling at 51 and is currently at 49.
After four straight days of winning, the bulls appear to have secured gains, and we could see this run continue if the relative strength passes the currency resistance level.
Tezos (XTZ)
while Tezos tokens had fallen for four consecutive sessions before today’s rally; XTZ
After hitting a low of $1.34 on Friday,the XTZ/USD rallied to an intraday high of $1.45 over the weekend.
This price spike comes asnow trades about 8% higher and XTZtrades about 8% higher, as bulls bought tokens at recent support levels near $1.33.
After the June 19 false breakout, Tezos were able to trade above this floor and this week’s volatility Despite the increase, the bulls ensured it again.
Overall, tokens are now 7% lower from the same point last week, but the 10-day (red) moving average indicates that short-term momentum is still somewhat high.
If there is a cross between the 10-day and 25-day moving averages, there could be a real strongman attempt to not only break through the $1.70 resistance but also recapture the $2 mark.
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