The week began in green as flow was at its best since May, when the token reached its highest level ever. As recent gains have been extended, prices rose as high as 15% during the spike. Polkadot too was higher as it also reached new multi-month highs.
FLOW
FLOW was one of Monday’s most notable movers, with prices of the token increasing by as much as 15% in today’s session.
FLOW/USD traded at $2.59 Sunday and then rallied to $3.13 intraday to begin the week.
FLOW climbed to the highest level since May 11th, when it traded above $4.00.
Looking at the chart, today’s peak comes as the token broke out of its long-term resistance at $3.00.
This surge occurs as the price strength keeps climbing, which is currently tracking in overbought territory as of this writing.
The relative strength index (RSI), currently at 75.28 is very close to the highest level since April.
For bears that anticipate imminent price falls, this could be a good thing.
Polkadot (DOT)
FLOW rose to three-month highs, but polkadot was at its peak in less than two months.
The intraday high of $9.36 for DOT/USD was achieved within 24 hours of the low of $8.54.
As a result of Monday’s surge, DOT moved briefly above its price ceiling of $9.30, which is one of the last lines of defense to a move above $10.00.
Gains in polkadot are now somewhat less than they were earlier, likely because bulls moved to make profits.
This decrease in momentum is due to the 14-day RSI reaching a resistance level near the 67 mark.
If DOT wishes to expand its efforts towards $10.00, it will need relative strength to overcome this obstacle.
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Is it reasonable to expect the polkadot price to climb to $10, despite its being too expensive? Please share your views with us in the comments.
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