Despite Thursday’s selloff in cryptocurrencies, cosmos managed to hit its highest level in the last week. The rally came as one of yesterday’s big gainers, THETA, slipped in today’s session.
Cosmos (ATOM) moved higher in today’s session, despite the global cryptocurrency market cap falling by over 3% as of writing.
ATOM/USD rose to a peak of $30.79 earlier today, following its climb from yesterday’s low of $27.97.
This recent surge in the price of ATOM, comes after a Valentine’s day bounce of its support level at $25.90.
Since being hit by cupid’s arrow, ATOM/USD has had four consecutive sessions of higher highs, leading to Thursday’s run.
Today’s move also saw ATOM break out of its resistance level at $29.20, however as the day progressed, profit-takers liquidated positions, leading to the 1D candlestick fading.
This false breakout has also seen the 14-day RSI held at resistance of 47, a level which it has been unable to climb over in the last 10-days.
Should price strength be lessening, we may soon see some consolidation in the price of cosmos.
Although SAND, AXS, and LEO were all deep into the red on Thursday, it was THETA that fell by the most in the top 100.
Coming off the back of a $3.98 high yesterday, THETA fell to a low of $3.60 during today’s session, nearing a 10% loss in the process.
Thursday’s selloff began after prices approached the resistance of $4.00, and now look set to fall to support at $3.48.
Price strength also faded, with the RSI falling to its own support of 50.20, after being held up at resistance at 58.65.
Many now wait to see if THETA will continue with this consolidation, and trade sideways between support and resistance.
However, as long as we continue to linger at these levels, bulls will likely continue to circle.
Will THETA rebound in tomorrow’s session? Let us know your thoughts in the comments.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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