• Cosmos (ATOM) rose to a two-month high as cryptocurrency prices rebounded from Wednesday’s decline
• XRP (formerly ripple) extended recent gains to a fourth consecutive day, nearing a four-week high
• The global crypto market cap is trading 0.17% higher as of writing
The cryptocurrency market saw a rebound following Wednesday’s decline, with a number of tokens and coins experiencing strong gains in today’s session. In particular, Cosmos (ATOM) rallied to a two-month high, while XRP (formerly ripple) extended recent gains to a fourth consecutive day.
Cosmos (ATOM) surged to its highest point since November, as the token climbed to a peak of $11.44 earlier in the day. The rally occurred as the 14-day relative strength index (RSI) ventured deeper into overbought territory, and the 10-day (red) moving average (MA) continued its upward ascent versus the 25-day (blue) MA. Despite this, sentiment could soon be shifting, as bears look to re-enter the market due to the RSI now tracking at a level not seen since last January.
XRP (formerly ripple) was another big mover, as the token neared a four-week high following a rally to an intraday high of $0.3691. This latest surge in price came as the RSI moved beyond a resistance point at 57.00, and it is currently tracking at 59.41. The 10-day (red) moving average is now close to a crossover with its 25-day (blue) counterpart, which could result in XRP continuing to move towards its long-term target of $0.50.
The overall global crypto market cap is trading 0.17% higher as of writing, indicating that the bullish sentiment is still present in the market. Although sentiment could still shift in the near future, it appears that the current momentum is likely to continue in the short-term.