Saturday, November 26, 2022

Biggest Movers: DOT Rebounds Following Recent Losses, as RUNE Moves Toward Multi-Week Low – Market Updates Bitcoin News

Must Read

[ad_1]

Following two consecutive sessions of declines, DOT saw its price rebound on Friday, as it moved away from a multi-week low. While DOT rose away from these lows, RUNE dropped, with the token falling towards them. Prices of RUNE are down by over 10% as of writing.

Polkadot (DOT)

DOT was a notable mover during Friday’s session, as prices rebounded following two consecutive days of losses.

After two days of declines, DOT/USD dropped to a bottom of $8.61 on Thursday, however, it followed that up with a nearly 10% rally today.

Today’s move saw DOT hit an intraday high of $9.91, as prices moved away from recent lows which are close to support of $9.05.

Biggest Movers: DOT Rebounds Following Recent Losses, as RUNE Moves Toward Multi-Week Low
DOT/USD – Daily Chart – May 27, 2022

Looking at the chart, the next price target for bulls will likely be the ceiling at $10.50, which has mostly held firm for the past ten days.

Whilst it currently tracks at 38.85, bulls will likely be paying close attention to the 39.50 level on the RSI, as it appears to be a hard ceiling.

This could mean that some bulls will likely attempt to push prices above the $10 threshold, then potentially liquidate positions prior to hitting the ceiling.

Thorchain (RUNE)

While DOT moved away from its own support level on Friday, RUNE moved towards it, as prices dropped by over 10% today.

Following a peak above $3.15 during Thursday’s session, RUNE/USD slipped to a low of $2.45 earlier in the day.

This low comes as prices break below the recent support point of $2.62, hitting their lowest level since May 12 in the process.

Biggest Movers: DOT Rebounds Following Recent Losses, as RUNE Moves Toward Multi-Week Low
RUNE/USD – Daily Chart – May 27, 2022

As a result of this fifteen-day low, the Relative Strength Index is currently tracking at 29.91, which is not only extremely oversold, but also a floor.

Bulls looking for positives will likely only hang their hat on this, as it could mean that bearish momentum is nearing an end.

However, if it isn’t then it is inevitable that bears will target $2.13 and below, in order to take RUNE to a fresh eighteen-month low.

Will we see RUNE drop to an 18-month low this weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



[ad_2]

Source link

Cryptoultimatum Crypto Trading Signal Service

LEAVE A REPLY

Please enter your comment!
Please enter your name here

I show You how To Make Huge Profits In A Short Time With Cryptos!
Trending
- Advertisement -

More Articles Like This