Technical Analysis: Cosmos, Harmony Prices Surge on Saturday
Cosmos (ATOM) and harmony (ONE) were some of today’s big gainers, as the global crypto market cap was up 1.23% to start the weekend. Terra (LUNA) was also higher, extending its recent gains to a sixth consecutive trading session.
Cosmos (ATOM) is currently trading over 13% higher in today’s session, climbing to its highest level since February 17.
Saturday’s rally in ATOM/USD saw prices briefly breakout of the $29.10 resistance level, hitting an intraday high of $29.36 in the process.
This surge comes as the 14-day RSI climbed to a five-week high, and is currently tracking at 52.09, following a break above 50.40.
Today’s high comes less than 24-hours after ATOM was trading at a low of $25.27, as prices rallied back to support of $26.10.
Despite the recent descending triangle on this chart, price momentum has slowly begun to stabilize, with the moving averages trending sideways.
Many see this as a sign of a longer-term reversal, with some already targeting the $30.00 point.
The biggest gainer today was undoubtedly harmony (ONE), which has risen by nearly 20% in the 24-hours of trading.
As of writing, ONE/USD rose to a high of $0.1612 on Saturday, following a second consecutive day of strong gains.
ONE was trading at a low of $0.1314 yesterday, which came as prices moved away from the long-term floor of $0.1249.
This was close to the lowest level for ONE since late September, and was followed by a surge to resistance at $0.1650.
The 14-day RSI is also currently tracking at its highest point in ten days, following a break from the 41.70 resistance level.
Should this momentum continue in this current direction, many bulls will likely be targeting exits at $0.2000.
Could we see this happen in the upcoming week? Let us know your thoughts in the comments.