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After Friday’s surge, AMP rises, while IOTX falls

Saturday saw a drop in IOTX, Friday’s big gainer, as a red wave continued to submerge crypto markets to begin the weekend. As of this writing, cryptocurrencies were down about 5% overall.

The Greatest Gainers

Finding a bull on a day when the majority of the crypto market was trending lower was no easy task. There were two exceptions, one of which was EGLD, but the standout was AMP, which rose by nearly 10% during the session. AMP/USD rose from a low of $0.03055 on Friday to an intraday high of $0.03723 earlier today. Today’s movement occurred as the price of AMP rallied to $0.0340 resistance, briefly breaking out of this level in the process.

Despite falling below this level since, prices are still higher than yesterday’s low, demonstrating that bulls were able to withstand the onslaught of Saturday’s bear market.

 

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Price strength reached a high of 49, the highest level since January 4, but this ceiling has remained firm so far. The ten-day (red) and 25-day (blue) moving averages have since crossed to the upside, implying that bullish momentum is on the way.

The Biggest Losers

For the third time this week, the bull of one day became the biggest loser the next, as IOTX surrendered some of Friday’s gains.

IOTX, which surged by up to 15% yesterday, fell by a similar percentage on Saturday, as traders appear to have locked in profits. IOTX/USD fell to an intraday low of $0.0965 today, from a high of $0.1195 yesterday, as markets appear to be heading for support at $0.1120.

Despite today’s move, price strength remains in overbought territory, with the 14-day RSI reading 52.95.

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This could be music to the ears of long-term bears, who may see this as an opportunity to keep their short positions open.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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