Cosmos extended for the fourth consecutive session to start the weekend, as prices approached a resistance point. While Cosmos (ATOM) extended gains, Tezos (XTZ) recently rebounded after a streak of losing sessions, with bulls buying into this week’s decline.
universe (atom)
Cosmos (ATOM) extended its recent bullish run on Saturday, as the price has now risen for four consecutive sessions.
The coin rose to an intraday peak of $8.33 to start the weekend, as the price has gained over 12% so far in today’s session.
This latest move saw ATOM/USD moving closer to its resistance level of $8.90, which appears to be the last remaining hurdle on the way to the $10 level.
At the time of writing this, the price has dropped from its earlier highs, with ATOM now trading at $8.12, still 11.75% higher than Friday’s low of $7.29.
Looking at this chart, today’s gains have started to turn lower as the 14-day RSI indicator rose to a higher range at 51, and is currently tracking at 49.
After a four-day winning streak, bulls are making gains, although we may continue this run, relative strength may cross its currency resistance level.
Tezos (XTZ)
On the other side of the spectrum, the Tezos XTZ coin was down for four consecutive sessions prior to today’s rally.
After hitting a low of $1.34 on Friday, XTZ/USD rose to an intraday high of $1.45 to start the weekend.
This price rally, which currently sees XTZ trading higher by around 8%, comes as bulls bought the coin at its recent support level near $1.33.
After a false breakout on June 19th, tezos managed to trade above this floor, and the bulls ensured that the same thing happened again despite this week’s volatility.
Overall, the coin is currently down 7% from the same points last week, although the 10-day (red) moving average suggests that short-term momentum is still somewhat higher.
If there should be a cross of the 10-day and 25-day moving averages, not only could the $1.70 resistance be broken, but there could also be a genuine attempt by the bulls to reclaim the $2 mark.
Will we see more gains in XTZ this weekend? Let us know your thoughts in the comments.
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