Crypto markets appeared to have temporarily shaken off recent volatility, with AMP once again leading the day’s bulls. Terra’s LUNA also surged, climbing by as much as 20% during Friday’s trading session.
AMP is currently trading over 24% higher in today’s session, climbing to its highest level since last Saturday.
Friday’s rally in AMP came following a false breakout yesterday, at its floor of $0.0239, with prices now trading slightly above resistance.
The ceiling for AMP/USD lies at the $0.2950 level, and this was marginally broken, as prices rose to an intraday high of $0.02993.
It was less than 24-hours ago that AMP was trading at a low $0.02337, however bullish pressure seems to have shaken off-market uncertainty.
As a result of this surge, the 14-day RSI rose to a 10-day high of 47.8, a level which has served as resistance in recent sessions.
Should we see momentum continue upward, this ceiling could well be broken, and AMP could soon be trading at multi-week highs.
The second-biggest gainer today was LUNA, which has risen by nearly 40% in the last seven days of trading.
As of writing, LUNA/USD rose to a high of $68.80 on Friday, following four consecutive days of strong gains.
LUNA was trading at a low of $56.62 yesterday, which then followed a breakout of its $61.30 resistance, which was the main catalyst for today’s gain.
Longer-term bulls decided to re-enter once this breakout occurred, and pushed prices to their highest level in the last four weeks.
The 14-day RSI is also currently tracking at its highest point in six weeks, following a break from the 58 resistance level.
Many bulls are likely going to be targeting $70.00 as a potential exit point.
Could we see this happen as early as tomorrow? 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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