Filecoin was one of Saturday’s biggest gainers, as prices rose by as much 24% to start the weekend. The move saw the token reach its highest point since early June, and comes despite cryptos being mostly in the red in today’s session. DOT was also higher, as it too hit a multi-week high.
Filecoin (FIL) was one of the big movers in crypto markets on Saturday, as prices of the token surged by over 24%.
On Saturday, FIL/USD rose to an intraday high of $7.49, which comes less than a day after being at a bottom of $5.81.
As a result of this, FIL reached its highest level since June 7, which came as prices raced past a key resistance point.
Looking at the chart, FIL broke past this ceiling of $6.25 earlier in today’s session, which then led to a rise of bullish pressure.
After breaking this ceiling, prices have now collided with yet another resistance, this time at $7.60.
Bulls seem to be targeting the $8 point, however with prices now overbought, this run to $8 may be a little more challenging to achieve during the course of this weekend.
In addition to FIL, polkadot (DOT) was also in the green during today’s session, with prices climbing by nearly 10%.
Saturday saw the token climb to a peak of $8.78, as prices rallied beyond a recent ceiling of $8.45.
Like with FIL, this point is the highest level DOT has traded at since early June, and comes less than 24 hours after prices were at a low of $7.83.
The 14-day relative strength index (RSI) is now also at a three-month peak of 64.54, and this could disrupt bullish momentum, as prices are now overbought.
Should momentum continue to rise however, it is likely that the $9 level is what bulls will target as a potential exit point.
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Do you expect polkadot to climb above $9 this weekend? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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