ATOM, SOL remain close to multi-week highs as markets consolidate recent gains – Market Updates
cosmos surged as much as 5% on Wednesday as the token stayed close to a multi-week high. Cryptocurrency markets consolidated recent gains in today’s session, with the global market capitalization down 0.24% at the time of writing. Solana continued to trade above $20.00 as prices consolidated.
Cosmos (ATOM)
Cosmos (ATOM) was again in the green as prices stayed close to a recent multi-week high.
After hitting a high of $13.47 on Tuesday, ATOM/USD hit a high of $13.41 earlier in today’s session before prices have since fallen.
Since hitting a three-week high during yesterday’s session, Kosmos bulls have turned to consolidate gains with ATOM now trading at $12.55.
Overall, the bulls appear to have turned to taking profits after a failed attempt to break out of the $13.50 ceiling.
Looking at the chart, the decline comes as the 14-day Relative Strengthindex (RSI) also failed to clear a resistance zone of its own at 57.00
As of this writing the index is trading at 51.52 with a floor at 50.00 a possible target for traders.
Solana (SOL)
Alongside ATOM, Solana (SOL) also remained near a recent high despite changing market sentiment in today’s session.
SOL/USD fell to a low of $20.31 earlier in the session, hours away from a high of $22.11.
At yesterday’s high, Solana was trading at its strongest point since March 2nd when the token traded near $23.00.
The chart shows that the SOL bulls started moving away from previous positions after colliding with a ceiling on the RSI.
Price strength reached a resistance point at 50.00 which has existed since late February.
As of this writing, the index is now hovering around 48.91 with the next visible bottom at 45.00.
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Has the recent bull wave completely subsided? Let us know your thoughts in the comments.
photo credit: Shutterstock, Pixabay, WikiCommons
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Source: Crypto News Deutsch
