Friday’s big IOTX winner fell lower on Saturday as a red wave continued to plunge crypto markets to start the weekend. Overall, cryptocurrencies decreased by about 5% at the time of writing.
In a day where the majority of the crypto market tended to be lower, finding a bull was not a bad feat.
However, there were two exceptions, one being EGLD, but the highlight was AMP, which rose by about 10% during the session.
AMP / USD, which was trading at a low of $ 0.03055 on Friday, climbed to an intraday high of $ 0.03723 earlier today.
Today’s move came as the price of AMP rose to a resistance of $ 0.0340, briefly coming out of this level in the process.
Despite falling below this level since then, prices are still higher than yesterday’s low as bulls managed to withstand Saturday’s bear market attack.
Price strength has risen to a high of 49, which was the highest level since January 4, but this ceiling has so far held firm.
The moving averages of ten days (red) and 25 days (blue) have since seen a high crossover that keeps hopes of an upward bullish momentum alive.
For the third time this week, the one-day bull moved on to be the biggest loser the next, as IOTX gave up some of Friday’s gains.
IOTX, which rose 15% yesterday, fell by a similar percentage on Saturday, as traders appear to have secured profits.
The price of IOTX / USD, which hit a high of $ 0.1115 yesterday, fell to an intraday low of $ 0.0965 today as markets appear to be heading for support at $ 0.1120.
Despite today’s move, price strength still remains in overbought territory, and tracks at 52.95 on the 14-day RSI.
This could be music for the ears of longer-term bears, who may see this as an opportunity to keep their short positions.
Will this bearish pressure ease the deeper we get into the weekend? Let us know your thoughts in the comments.
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