Technical Analysis: AMP Surges, IOTX Lower After Friday’s Jump
Friday’s big gainer IOTX fell lower on Saturday, as a red wave continued to submerge crypto markets to start the weekend. Overall, cryptocurrencies were down around 5% as of writing.
On a day where the majority of the crypto market was trending lower, finding a bull was no mean feat.
However, there were two exceptions, one being EGLD, but the standout was AMP which rose by close to 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 rallied to resistance of $0.0340, briefly breaking out of this level in the process.
Despite falling below this level since, prices are still higher than yesterday’s low, as bulls managed to resist the onslaught from Saturday’s bear market.
Price strength rose 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 an upside cross over, which keeps hopes alive of upcoming bullish momentum.
For the third time this week, the bull of one day moved to being the biggest loser the next, as IOTX gave up some of Friday’s gains.
IOTX which surged by as much as 15% yesterday, dropped by a similar percentage on Saturday, as traders appear to have secured profits.
The price of IOTX/USD, which hit a high of $0.1195 yesterday, fell to an intraday low of $0.0965 today, as markets seem to be heading for support at $0.1120.
Despite today’s move, price strength still remains in overbought territory, and is tracking at 52.95 on the 14-day RSI.
This could be music to the ears of longer-term bears who may see this as an opportunity to maintain their short positions.
Tags in this story
Will this bearish pressure ease the deeper we get into the weekend? 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.