CVX was trading nearly 14% higher to start the weekend, as RUNE extended yesterday’s gains, climbing over 13% on Saturday. CVX is now up almost 35% this week, hitting a multi-week high in the process.
Thorchen (run)
RUNE was one of the biggest gainers in the crypto markets for the second consecutive session, as it further cemented itself as the 45th largest cryptocurrency in the world by market cap.
After Friday’s high of $9.52, RUNE/USD rose to a high of $10.26 to start the weekend session.
Today’s peak is the highest level RUNE traded since December 3, when the price was declining from a high of around $13.
In Saturday’s move, the 14-day RSI indicator once again touched its resistance point of 79.11, which has not been breached since November.
Looking at this chart, $11.30 is the next potential destination for the bulls to attempt to extend recent gains, although the road up to this point could be turbulent.
Despite the bullish sentiment of the past two sessions, there has been an overbought in prices, and a reversal could be on the cards.
Convex Finance (CVX)
Saturday’s price increase has sent CVX to its highest point in three weeks, with the coin now trading up over 35% over the past week.
After a low of $23.12 from 24 hours ago, CVX/USD climbed to a peak of $27.39 during today’s session.
CVX price has now risen for 11 out of the last 13 trading days, a run that began at the $15.40 support.
As a result of this price rally, market sentiment is currently hovering in overbought territory, with the RSI tracking a historic high.
Looking at the chart, price strength is visible at 72.04, which is well above the previous high of 54.25.
Despite the rally, CVX is now trading near the $27.90 resistance area, which could be a signal for the bears to turn the price lower.
Can we see a breakout of this price range later this week? Let us know your thoughts in the comments.
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