ATOMand DOT traded in a flat trend on Saturday, with the crypto market largely in consolidation mode to start the weekend. The majority of the cryptocurrency top 100 declined slightly as traders appear to have consolidated gains from this week’s action.
Cosmos (ATOM)
After almost 10 consecutive sessions of higher prices,. the ATOMwas consolidating to start the weekend as traders appear to have secured gains.
tokens rose to an intraday top of $9.34 to start the weekend as the bulls continue to move toward the $10 mark.
Saturday’s move comes less than a day after prices traded at a low of $8.93, now on the cusp of a possible breakout.
During the past three weeksATOMbottomed at $5.48 on June 18 and has risen to the point today where /USD has almost doubled in doubled in value.
The rally was prompted by the crossover of the 10- and 25-day moving averages, respectively, which induced traders to take long positions.
However, with the RSI hitting the wall at 58.38, this momentum is weakening and traders may profit rather than hold open positions.
Polka Dot (DOT)
After a slow start, DOT has shrugged off market uncertainty and has rallied modestly in today’s session.
DOT/USD surged to a peak of $7.35 over the weekend, following a low of $6.97 on Friday.
Today’s move indicates that the DOT is approaching the $7.50 ceiling, a point that has not been broken in the past 10 days.
Price has remained below this ceiling since June 29, but price strength remains below a resistance point that has been in place for over three months.
The 14-day Relative Strength Index is currently at 45.10, below the ceiling of 46.90, which has not been breached since April 5.
Despite this, the DOT rose nearly 7% last week to the point where the 10-day MA may cross the 25-day MA.
If this occurs, not only could prices rise above $7.50, we could see bullishness target the $8.50 mark.
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