Tuesday, November 29, 2022

Biggest Movers: QNT Climbs 10%, as ALGO and RUNE Rise Higher – Market Updates Bitcoin News

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QNT climbed over 10% during today’s session, as RUNE and ALGO both rose by as much as 15% on Friday. This comes as cryptocurrency markets were trading nearly 4% higher as of writing this, as markets began preparing for the weekend’s action.

Thorchain (RUNE)

Thorchain (RUNE) was one of the biggest gainers on Friday, and was at one point nearly 15% higher, before gains somewhat eased throughout the day.

Following a low of $7.96 on Thursday, RUNE/USD rallied to an intraday high at $9.52 during today’s session.

Today’s peak was close to last Sunday’s high of $9.58, which was the highest level RUNE had traded at since December 4.

Biggest Movers: QNT Climbs 10%, as ALGO and RUNE Rise Higher
RUNE/USD – Daily Chart

Friday’s surge in price came as prices once again broke out of the resistance level at $8.99, however as with previous breakouts at this level, market uncertainty sent prices lower.

Looking at this chart, today’s gain follows three consecutive sessions of declines, with the reversal pushing the RSI to its highest point this week.

This point now resembles a ceiling, and is acting as the main resistance to further gains in the price of RUNE.

Algorand (ALGO)

Both quant (QNT) and ethereum classic (ETC) were trading higher for most of today’s session, however, gains eased throughout the course of the day.

As this happened, algorand (ALGO) managed to maintain its bullish momentum, rising to nearly a five-week high in the process.

Today’s rally was the tenth day in twelve that the price of ALGO has risen, with today’s gains taking us just above resistance of $0.9395.

Daily Chart: ALGO/USD

ALGO/USD rose to an intraday high of $0.9472, which is its highest point since February 17, leading to prices entering overbought territory.

Looking at the chart, the 14-day RSI indicator is now tracking at 67.80, which is a point that price strength hasn’t hit since September last year.

ALGO bears are likely already anticipating a reversal, however, some bulls could look to push prices further toward the $1.10 ceiling.

Do we expect prices of ALGO to turn around heading into the weekend? Let us know your thoughts in the comments.

eliman@bitcoin.com'
Eliman Dambell

Eliman brings a diversified 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

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