Skip to main content

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 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.



from Bitcoin News https://ift.tt/1ticCxs
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more