Biggest Movers: RUNE, ZIL Rebound Following Recent Losses, Trading Nearly 20% Higher
ZIL was up by more than 20% in Thursday’s session, as prices rebounded following a string of recent drops. RUNE was also up by over 15% today, as it hit its highest point so far this week. Overall, the global crypto mark...
ZIL was up by more than 20% in Thursday’s session, as prices rebounded following a string of recent drops. RUNE was also up by over 15% today, as it hit its highest point so far this week. Overall, the global crypto market cap is up 2.08% as of writing.
Zilliqa (ZIL)Following almost two weeks of declines, ZIL finally stopped the bleeding, rallying by over 20% during today’s session.
ZIL/USD rose to an intraday high of $0.1263 earlier in Thursday’s session, as price continues to move away from its recent support point.
This floor was at the $0.1033 level, which has historically seen significant bullish moves begin from there, and today’s rally follows this trend.
Recent momentum in ZIL has now taken prices to what seems to be a short-term ceiling of $0.1245, with some expecting an imminent breakout.
However, there appears to be an obstacle in place which could potentially prevent this from happening, with the 14-day RSI also trading at resistance.
Looking at the chart, the relative strength index is currently tracking at 57.06, which is slightly below the ceiling of 57.70.
Should this point be broken, we could be looking at ZIL rallying back towards $0.1400.
THORChain (RUNE)RUNE also rose on Thursday, moving past XTZ to cement itself as the world’s 44th-largest cryptocurrency.
Following a bottom of $7.42 during Wednesday’s session, RUNE/USD climbed to an intraday high of $9.35 earlier today.
The move came as RUNE moved away from the support level of $8.15, following what appears to be a false breakout.
Since today’s surge which saw prices come close to a ceiling of $9.45, there has been some profit taking from traders who look to avoid any price uncertainty heading into the long weekend.
As such, we now have a doji pattern being formed in today’s candlestick, which encapsulates this uncertainty, with bears selling while bulls are buying simultaneously.
Currently, with the RSI still marginally below its ceiling of 50, if it could reach this level, the narrative could change, with more bulls being buoyed to re-enter the market, pressuring bears to give way in the process.
Could we see RUNE hit $10 before the end of this week? Let us know your thoughts in the comments.
Original source
Read on Bitcoin NewsRelated market context
SEC targets 20-year-old rule standing between Wall Street and blockchain trading
The Securities and Exchange Commission (SEC) is moving to dismantle a stock-trading rule that has governed Wall Street for two dec...
Bitcoin Mining Cost Model Points To $47,000 Floor, But Analysts Urge Caution
TL;DR Crypto Rover says Bitcoin has never bottomed below electrical production cost, currently estimated at $47,000. Mining-cost m...
Tether USDT Briefly Overtakes Ethereum in Market Cap: A $187B Wake-Up Call
For a few hours, earlier this week, Tether USDT stablecoin held a higher market cap than Ethereum, the first time that has happene...
Bitcoin faces one of its biggest mining difficulty drops as miner margins collapse
The Bitcoin network is poised to execute one of the largest downward adjustments to its mining difficulty in its 17-year history t...
Are 24/7 CME Bitcoin futures a volatility cure — or a new leverage trap?
Wall Street got to trade Bitcoin around the clock just in time to watch the market fall apart. CME Group launched 24/7 trading for...
Bitcoin price faces new risk as big buyers lose conviction
Bitcoin’s largest buyers are no longer behaving like a reliable backstop for the largest cryptocurrency. The exchange-traded funds...