On Friday cryptocurrency markets were generally in green as DOT rose by almost 40% and moved away from an 18 month low. Although SOL, AVAX, and MATIC all rose by over 20%, it was SHIB that was one of the standout gainers in today’s session.
Polkadot (DOT)
DOT was one of today’s biggest gainers, as it climbed by nearly 40% during Friday’s stretch, moving away from recent lows in the process.
Friday’s DOT/USD spiked to $11.73, less than 24hrs after hitting a low at $7.04.
This was the lowest level the DOT had reached since Jan 2021. It also came at a time when prices were falling for eight out of nine consecutive days.
Today’s rally commenced as prices jumped from a now support level of $8.50, climbing by as much as 38% to its intraday high.
Despite this rise in RSI, it is still slightly oversold at the current 37.87 level. This is below the ceiling of 40.
If this ceiling is broken, we’ll see $12.50 price resistance also fall.
Shiba Inu (SHIB)
While SOL, MATIC, and AVAX were all trading by as much as 20% higher on Friday, it was a meme coin which was today’s most notable secondary mover.
SHIB was easily one of today’s biggest gainers, as it too rallied away from recent lows, following this week’s crypto sell-off.
The intraday low was $0.00001041, but shiba imu reached $0.00001426 on Thursday to finish the week.
Today’s move saw SHIB/USD move away from a recent eight-month low, as prices look to stabilize in the aftermath of recent declines.
The chart shows that the rally occurred as the 14-day RSI passed a resistance level at 33.60 and now tracks above 35.
Next is the 40-mark, where bullish pressure may be tested. Some will use this as an opportunity for exit while others are likely to make gains.
Will today’s crypto rally extend into the weekend? We’d love to hear your comments.
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