Cosmos rallied to a two-month high on Thursday, as cryptocurrency prices rebounded following Wednesday’s decline. Xrp was also mostly in the green in today’s session, extending recent gains in the process. The global crypto market cap is trading 0.17% higher as of writing.
Cosmos (ATOM) raced to a two-month high on Wednesday, as the token climbed to its strongest point since November.
Following a low of $11.10, ATOM/USD raced to a peak of $11.44 earlier in today’s session.
As a result of this latest surge in price, cosmos moved to its highest point since Nov. 12.
Looking at the chart, today’s rally occurred as the 14-day relative strength index (RSI) ventured deeper into overbought territory.
In addition to this, the 10-day (red) moving average (MA), continued its upward ascent versus the 25-day (blue) MA.
However, sentiment could soon be shifting, with bears looking to re-enter the market as the RSI is now tracking at a level not seen since last January.
XRP (formerly ripple) was another big mover in today’s session, extending recent gains to a fourth consecutive day.
So far on Thursday, XRP/USD has risen to an intraday high of $0.3691, which comes less than a day after hitting a bottom of $0.348.
Following this rally, xrp neared a four-week high, as prices moved to their highest point since December 16.
This latest price surge comes as the RSI moved beyond a resistance point at 57.00, and it is currently tracking at 59.41.
As a result of this move, the 10-day (red) moving average is now close to a crossover with its 25-day (blue) counterpart.
Should this upwards cross occur, it is likely that XRP will continue to move towards its long-term target of $0.40.
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Do you expect xrp to move closer to $0.40 this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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