ATOM and DOT traded in a sideways direction on Saturday as the crypto market was mainly in consolidation mode for the weekend. The majority of the cryptocurrency top 100 was marginally lower, as traders seemingly consolidated their gains from this week’s action.
Cosmos (ATOM)
ATOM had almost ten sessions of consecutive higher highs. This weekend saw ATOM consolidating as traders seemed to have made gains.
As bulls move closer to the $10 mark, the token rose to an intraday peak of $9.34.
Saturday’s moves comes less than a day from prices trading at a low of $8.93, to now on the cusp of a potential breakout.
ATOM/USD’s value almost doubled during the last 3 weeks. It climbed from $5.48 (floor) on June 18th, to its current level today.
The crossover between the 10-day and 25 day moving averages (MA) led to this rally, which attracted traders to enter long positions.
The RSI is now at a 58.38 level, and some momentum could slow down. Traders may instead take profits than keep open positions, but the RSI still has some way to go.
Polkadot (DOT)
Following a slow start to the day, DOT shook off market uncertainty to marginally rise during today’s session.
The weekend began with a spike in DOT/USD to $7.35. This follows a Friday low at $6.97.
Today’s action now sees DOT moving closer to a ceiling of $7.50, a point it has not broken in the last ten days.
Whilst prices have consolidated below this ceiling since June 29, price strength also remains under a resistance point — one that has been in place for over three months.
The 14-day Relative Strength Index is currently tracking at 45.10, which is below the ceiling of 46.90, which hasn’t been broken since April 5.
Nevertheless, DOT rose by almost 7% over the week. This has led to the 10-day MA nearing a cross with the 25-day counterpart.
If this happens, prices could rise above $7.50 and bulls may target $8.50.
Were we able to see the DOT rise as much as 10% in July? We would love to hear your comments.
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