IOTX was Friday’s big gainer, as crypto markets were lower across the board to end the week. Overall, the global cryptocurrency market cap is down close to 4% in today’s session.
Following a strong start to the week, which saw the likes of shiba inu (SHIB), and leo token (LEO) both rally by over 50%, cryptocurrency prices fell as we headed into the weekend.
Although the majority of the top 100 markets were in the red, there were a few notable exceptions to this.
IOTX/USD, which was trading at a low of $0.1029 on Thursday, climbed to an intraday high of $0.1205 earlier today.
Today’s move came after two consecutive sessions of declines, which took prices to support of $0.1234, where bulls seemed to have bought the dip.
As a result of the rally from support, the 10-day (red) 25-day (blue) moving averages extended their recent upward cross, which was the first time such a crossover happened since early November.
Price strength also fell from its highest point since November this week, and now tracks at 57.7, after maintaining the floor of 54. .
IOTX bulls will likely remain hopeful that prices will move past its recent resistance of $0.1747 in upcoming sessions.
There were many bears in today’s session, however the standout was Kadena, which is down around 10% as of writing.
KDA fell to an intraday low of $8.22 on Friday, after trading at a high of $9.25 less than 24-hours ago.
Friday’s sell off sees KDA/USD fall for a second consecutive session, after failing to break out of its resistance at $10.43.
Today’s move has pushed prices to an interim floor of $7.98, which many see as a stop-gap as it heads to its real support of $5.13.
Despite the current bearish sentiment surrounding KDA, moving averages, in particular the 10-day (red) look as if it may still be pushing upward.
Could we see this bullish momentum return during the weekend? Let us know your thoughts in the comments.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.