AXS traded lower Wednesday after the Axie Network Ronin was breached, allowing hackers to steal over $620million from the crypto-based trading platform and battling game. ZIL had traded over 50% higher throughout the session.
Zilliqa
Zilliqa (ZIL) was up by over 50% in today’s session, as traders continued to react to the news that Zilliqa was partnering with Agora.
Following the news, ZIL rallied by over 200% in the past week, with today’s gains seeing prices hit an intraday high of $0.1604.
Today’s peak comes as ZIL/USD broke past its resistance level of $0.1080, pushing prices to a new record high in the process.
These highs were achieved as the prices moved from the March 21 support level $0.0418.
Seit damals, we’ve seen ZIL set new highs with the price strength tracking out of the charts.
The 14-day RSI reading is at 89.17 as of this writing. This is significantly higher than its prior high of 65.
Bears who are looking to see a price reversal could find this attractive.
Solana (SOL)
Today’s bigmovers were AAVE, HNT and VET. However, the majority of them climbed by more than 10%. The most prominent secondary mover was SOL.
SOL/USD climbed to an intraday high of $124.29 during today’s trading session, as it replaced LUNA as the world’s eighth-largest cryptocurrency.
SOL made this move as the price broke above the $113.70 resistance level, hitting an all-time high of six weeks.
On Wednesday, prices surged to the highest level since February 7th. This was because the 14-day RSI surpassed its long-term ceiling.
The chart clearly shows that 65.9, which was the resistance on the indicator in November, has been broken and it now tracks at 74.4
We may see some consolidation now that price strength is clearly too high. This could lead to price reversal as bears seek to enter and bulls exit.
Is SOL likely to remain higher than LUNA throughout the week? We’d love to hear your comments.
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