Biggest Movers: SOL rebounds from recent losses, ATOM up 5% on Friday
Cosmos (ATOM), had been in a profitable position on Friday and was one of the gainers as the coin moved closer to a key resistance level. Looking ahead, after falling to a low of $11.70 on Thursday, ATOM /USD reached an intraday high of $12.38 earlier today. Certainly after this move we can see that Cosmos moved higher above a resistance point of $12.50 which was its last hit on Monday. If we look at the charts, the 14 day Relative Strength Index is also hovering near its own higher range at 66.00.
Currently, the index is tracking at 65.85 which may result in its consolidation and earlier bulls may opt to liquidate their positions. If there is a break above the above range, there is definitely a possibility that ATOM may move towards $13.00.
Solana (SOL) also appeared higher as the coin continued to move away from its support point at $20.00. In the first session it managed to reach a high of $21.77 and had moved up from the low of $20.53 a day ago.
Today’s market sees Solana as a bullish attempt to regain momentum due to the recent decline in prices and of course through the charts we can see that the relative strength INDEX is at its 68.00. This step was taken despite being below the limit and because of that we can see that the gains made earlier have been reduced to some extent. It appears that traders are preparing for another reversal.
Currently Solana is trading at $21.43 and the long term bulls are still targeting an exit to the $24.00 mark..