ZIL rose more than 20% in Thursday’s session as prices recovered from a series of recent declines. RUNE is also up more than 15% today, hitting its highest level this week. Overall, the global cryptocurrency market is up 2.08% as of this writing.
After nearly two weeks of decline, ZIL finally stopped the bleeding, rising more than 20% in today’s session.
ZIL/USD rose to an intraday high of $0.1263 earlier in Thursday’s session as the price continues to move away from its recent support point.
This point is at $0.1033, where historically significant bullish moves begin, and today’s rally follows that trend.
The recent momentum in ZIL has led prices to a short-term ceiling of $0.1245, and some expect a breakout soon.
However, there seems to be an obstacle that could prevent this, as the 14-day RSI is also at resistance.
Looking at the chart, the Relative Strength Index is currently tracking at 57.06, which is slightly below the 57.70 ceiling.
If this point is broken, we could see ZIL rally toward $0.1400.
RUNE also rose on Thursday, surpassing XTZ and securing the 44th largest cryptocurrency in the world.
After bottoming at $7.42 during Wednesday’s session, RUNE/USD climbed to an intraday high of $9.35 earlier today.
The move came as RUNE moved away from the $8.15 support level after what appears to have been a false breakout.
After today’s sharp rise, which brought prices close to the $9.45 ceiling, there has been profit taking on the part of traders who want to avoid price uncertainty before the long weekend.
Thus, a doji pattern is forming on today’s candle, which reflects this uncertainty: bears are selling and bulls are simultaneously buying.
Currently, the RSI is still slightly below its ceiling of 50, but if it reaches that level, the situation could change and the bulls will come back into the market, forcing the bears to concede in the process.
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