Cosmos rose to a two-month high on Thursday as cryptocurrency prices rallied after Wednesday’s plunge. Xrp was also mostly in the green in today’s session, extending recent gains in the process. The global crypto market capitalization is trading 0.17% higher at the time of writing.
cosmos (ATOM) hit a two-month high on Wednesday as the token rallied to its strongest point since November.
After a minimum of $11.10, ATOM/USD reached a high of $11.44 earlier in today’s session.
As a result of this latest price increase, Cosmos moved to its highest point since November 12.
Looking at the chart, today’s rally came as the 14-day RSI ventured deeper into overbought territory.
On top of this, the 10-day MA (red) continued its upward climb against the 25-day MA (blue).
However, sentiment could soon be turning, with bears looking to re-enter the market as the RSI is now at a level not seen since last January.
XRP (formerly ripple) was another big driver in today’s session, extending recent gains to a fourth straight day.
So far Thursday, XRP/USD has risen to an intraday high of $0.3691, which comes less than a day after bottoming at $0.348.
Following this rally, xrp approached a four-week high as prices hit their highest point since December 16.
This latest price rise comes as the RSI moved past a resistance point at 57.00 and is currently at 59.41.
As a result of this move, the 10-day moving average (red) is now close to intersecting its 25-day counterpart (blue).
If this crossover were to occur, it is likely that XRP it will continue to move towards its long-term target of $0.40.
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