DOT Rebounds Following Recent Losses, as RUNE Moves Toward Multi-Week Low – Market Updates Bitcoin News

After two sessions of declining prices, DOT’s price saw a rebound Friday as it recovered from a multiweek-low. RUNE fell, and DOT rose from the lows. The token was also falling toward them. As of this writing, RUNE prices are down more than 10%

Polkadot (DOT)

DOT was a notable mover during Friday’s session, as prices rebounded following two consecutive days of losses.

Two days of declining DOT/USD saw it drop to $8.61 at the bottom on Thursday. However, today’s rally was almost 10%.

Today’s move saw DOT hit an intraday high of $9.91, as prices moved away from recent lows which are close to support of $9.05.

Biggest Movers: DOT Rebounds Following Recent Losses, as RUNE Moves Toward Multi-Week Low
DOT/USD – Daily Chart – May 27, 2022

The chart shows that the next price target of bulls is likely to be $10.50. This ceiling has held steady for most of the last ten days.

While it is currently at 38.85 it will soon be tracking closely to the 39.50 on the RSI. This seems like a very hard ceiling.

It could be that bulls attempt to raise prices beyond the $10 threshold and then liquidate any positions before hitting the ceiling.

Thorchain (RUNE).

Although DOT moved from its current support level on Friday (which it did not), RUNE moved toward it as the prices fell by almost 10% today.

Following a peak above $3.15 during Thursday’s session, RUNE/USD slipped to a low of $2.45 earlier in the day.

Prices have fallen below their support level of $2.62 and are now at their lowest since May 12.

Biggest Movers: DOT Rebounds Following Recent Losses, as RUNE Moves Toward Multi-Week Low
RUNE/USD – Daily Chart – May 27, 2022

The Relative Strength Index currently stands at 29.91 as a result. This is not only an extreme oversold level, but it also represents a floor.

The bulls who are searching for positives won’t be disappointed by this as it may signal that bearish momentum could soon end.

However, if it isn’t then it is inevitable that bears will target $2.13 and below, in order to take RUNE to a fresh eighteen-month low.

Is it possible that RUNE will drop to an 18 month low this weekend. We’d love to hear your comments.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has worked in various capacities, including as a retail trading teacher, brokerage director, and market commentator for Crypto, Stocks, and FX.

Credits for the imageShutterstock. Pixabay. Wiki Commons

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