ATOM and DOT were trading in a sideways trend on Saturday, as the crypto markets were mainly in consolidation mode to start the weekend. Most of the cryptocurrency’s top 100 were slightly lower, as traders consolidated their gains from this week’s action.
After nearly ten consecutive sessions of higher highs, ATOM was consolidating to begin the weekend, as traders took gains.
As the bulls continue to move towards the $10 mark, the coin reached an intraday top of $9.34 to start the weekend.
Saturday’s move comes less than a day after the price traded as low as $8.93 which is now on the verge of a potential breakout.
The value of ATOM/USD has almost doubled over the past three weeks, climbing from a low of $5.48 on June 18 to its current point today.
The rally came after a crossover of the 10-day and 25-day moving averages (MAs) respectively, which prompted traders to take long positions.
However, with the RSI now running into a wall at its 58.38 point, some of this momentum may be slowing, with traders maintaining open positions rather than taking profits.
After a sluggish start to the day, DoT moderated the market uncertainty slightly during today’s session.
DOT/USD peaked at $7.35 to start the weekend, continuing from Friday’s low of $6.97.
Today’s action now moves DOT closer to the $7.50 range, a point it hasn’t broken over the past ten days.
While prices have consolidated below this high since June 29, the strength of the price also remains under a resistance point – one that has been in place for more than three months.
The 14-day relative strength index is currently tracking at 45.10, well below the ceiling of 46.90, which has not been broken since April 5.
Despite this, DOT has climbed nearly 7% over the past week, bringing the 10-day MA near a potential cross with its 25-day counterpart.
If this happens, not only can the price climb above $7.50, but we can see that the bulls are targeting the $8.50 mark.
Can we see DOT climbing to $10 in the month of July? Let us know your thoughts in the comments.
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