Thorchain (RUNE) rose to its highest level since January as cryptocurrency markets started the week mainly in the red. Avalanche (AVAX) was one of these cryptocurrencies trading lower on Monday, and fantom (FTM) also fell nearly 10% on the day.
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Thorchain (RUNE)
While cryptocurrency markets were mostly lower in the past week, thorchain (RUNE) is up nearly 70% over the same period.
After a low of $6.15 on Sunday, RUNE/USD rose past the $6.60 resistance to start the week, climbing to its highest level since January 12.
On Monday, RUNE hit an intraday high of $7.43, pushing the cryptocurrency to #47, in the top 100 of the market.
This move came as the 14-day Relative Strength Index also surged past its own ceiling of 67, which happened for the first time since last November.
If this current rising momentum continues, we’ll look to the prospect of RUNE hitting the upcoming $9.05 ceiling, possibly heading towards $10.
Phantom (FTM)
Avalanche (AVAX) was down nearly 6% to start the week as it hovered below the crypto top 10, sitting in the #11 spot.
However, it was fantom (FTM) that was the most notable bearish move today, with a nearly 10% drop due to today’s action.
At the time of writing, the FTM is down 8.35% today as prices plunge to their lowest point since September after five consecutive days of weakness.
FTM/USD fell to an intraday low of $1.08 earlier on Monday, after peaking above $1.20 less than 24 hours ago.
This is because price strength is completely oversold, with the 14-day RSI at 30.9, its lowest since Dec. 13.
Is a rebound inevitable after this bearish pressure? Let us know your thoughts in the comments.
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