The cryptocurrency markets were mostly in the green on Friday as the DOT rose nearly 40%, moving away from an 18-month low. While SOL, AVAX and MATIC were up more than 20%, it was SHIB that was one of the top performers in today’s session.
DOT was one of today’s biggest leaders as it was up nearly 40% during Friday’s stretch, moving away from recent lows in the process.
The DOT/USD rose to a peak of $11.73 on Friday, less than 24 hours after hitting a low of $7.04.
This bottom was the lowest level the DOT has reached since January 2021, and came on the back of price declines in eight of the last nine days.
Today’s rally began as prices rebounded from the current $8.50 support level, climbing 38% to their intraday high.
Despite the rise, the 14-day RSI is still slightly oversold and is currently tracking at 37.87, just below the ceiling of 40.
If that ceiling is broken, we could see price resistance at $12.50 give way as well.
Shiba Inu (SHIB)
While SOL, MATIC and AVAX were up 20% on Friday, the most notable secondary movement today was the meme coin.
SHIB was easily one of today’s biggest leaders, as it too bounced back from recent lows after this week’s cryptocurrency sell-off.
After a low of $0.00001041 on Thursday, the shiba yinu rose to an intraday peak of $0.00001426 by the end of the week.
Today’s movement showed that SHIB/USD has moved away from its recent eight-month low as prices attempt to stabilize after the recent drop.
Looking at the chart, the rally occurred when the 14-day RSI broke through the 33.60 resistance level and is now above 35.
The next notable ceiling is at 40, where bullish pressure may arise and some may use it as an exit opportunity while providing profits.
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