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.
Cosmos and Harmony are both cryptocurrencies that have experienced a phenomenal increase in value in the past few weeks. The recent surge in value has led to a lot of confusion and speculation about what the future holds for these new currencies.
Cosmos (ATOM) and harmony (ONE) were some of today’s big gainers, as the global crypto market cap was up 1.23% to start the weekend. Terra (LUNA) was also higher, extending its recent gains to a sixth consecutive trading session.
Cosmos (ATOM)
Cosmos (ATOM) is currently trading over 13% higher in today’s session, climbing to its highest level since February 17.
Saturday’s rally in ATOM/USD saw prices briefly breakout of the $29.10 resistance level, hitting an intraday high of $29.36 in the process.
This surge comes as the 14-day RSI climbed to a five-week high, and is currently tracking at 52.09, following a break above 50.40.
Today’s high comes less than 24-hours after ATOM was trading at a low of $25.27, as prices rallied back to support of $26.10.
Despite the recent descending triangle on this chart, price momentum has slowly begun to stabilize, with the moving averages trending sideways.
Many see this as a sign of a longer-term reversal, with some already targeting the $30.00 point.
Harmony (ONE)
The biggest gainer today was undoubtedly harmony (ONE), which has risen by nearly 20% in the 24-hours of trading.
As of writing, ONE/USD rose to a high of $0.1612 on Saturday, following a second consecutive day of strong gains.
ONE was trading at a low of $0.1314 yesterday, which came as prices moved away from the long-term floor of $0.1249.
This was close to the lowest level for ONE since late September, and was followed by a surge to resistance at $0.1650.
The 14-day RSI is also currently tracking at its highest point in ten days, following a break from the 41.70 resistance level.
Should this momentum continue in this current direction, many bulls will likely be targeting exits at $0.2000.
Could we see this happen in the upcoming week? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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