Friday’s big gains IOTX cut short on Saturday, as a red wave continued to inundate the crypto markets to start the weekend. Overall, the cryptocurrency is down around 5% as of writing.
biggest beneficiary
Finding a bull on a day when the majority of the cryptocurrency market was trending downwards was no easy task.
However, there were two exceptions, one being EGLD, but the standout was the AMP which rose around 10% during the session.
AMP/USD, which was trading as low as $0.03055 on Friday, climbed to an intraday high of $0.03723 earlier today.
Today’s move came as AMP price rose to the $0.0340 resistance level, briefly breaking this level in the process.
Despite falling below this level, the price is still higher than yesterday’s lows as the bulls managed to resist the attack from Saturday’s bear market.
The price firmed up to a high of 49, the highest level since January 4, but the range has remained intact.
The ten-day (red) and 25-day (blue) moving averages have since seen an upside crossover, keeping the upcoming bullish hopes alive.
biggest loser
For the third time this week, one-day bulls turned the next day’s biggest losers as IOTX relinquished some of Friday’s gains.
IOTX, which was up 15% yesterday, is down a similar percentage on Saturday, as traders appear to have secured gains.
IOTX/USD price, which hit a high of $0.1195 yesterday, declined to a low of $0.0965 today as the market continues to move towards the support at $0.1120.
Despite today’s move, price strength remains in overbought territory, tracking the 14-day RSI at 52.95.
This may be music to the ears of long-term bears who may see this as an opportunity to maintain their short position.
Will this bearish pressure ease as it deepens over the weekend? Let us know your thoughts in the comments.
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