Technical Analysis: Bitcoin Hits $40,000, as LEO Leads Friday Rally
Bitcoin rallied above $40,000 on Friday, however, this was not the biggest mover in crypto markets to end the week. Cryptocurrencies climbed today, following news that over 400,000 jobs were added to the U.S. economy last month. Biggest gainers
Bitcoin (BTC) climbed to $40,000, ethereum was fast approaching $3,000, with Solana nearing $110, however, none of these were today’s big mover.
That honor went to UNUS SED LEO, which rose by a whopping 30% on Friday, and nearly 55% over the course of the last 7-days.
LEO/USD, rose to an intraday high of $5.48, following its low of $4.02 during yesterday’s session.
Today’s news comes as LEO broke past its recent resistance level of £$3.88 earlier this week, before falling in Thursday’s red wave. LEO/USD – Daily Chart
The move came as the moving averages of 10-days (red) and 25-days (blue) had an upward crossover for the first time since December 29.
In addition to this, the RSI now tracks at 81, which is deep in overbought territory, which may giveaway to profit takers over the weekend.
Biggest losers
Relatively speaking, there were not many bears on Friday, with only 2 of the top 99 cryptocurrencies marginally falling.
However, if you scrolled down to the #100 listed cryptocurrency, markets were not so kind to yesterday’s biggest gainer, immutable X (IMX).
IMX was down by over 22% today, following its 35% rise on Thursday, as traders likely chose to take profits, rather than maintain their positions.
Earlier in today’s session, IMX/USD slipped back to support of $3.01, after trading at a high above $5.40 less than 24-hours ago. IMX/USD – Daily Chart
The RSI of 14-days also fell below the 50 level, and now tracks at 45.98, and appears to be heading deeper into oversold territory. Tags in this story Bitcoin, BTC, buy the dip, ETH, Ethereum, IMX, LEO
Have markets already begun to doubt the value of the IMX, Gamestop partnership? Let us know your thoughts in the comments. Eliman Dambell
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. Bitcoin, Ethereum Technical Analysis: ETH up Nearly 10%, Crypto Markets Rally MARKET UPDATES | 8 hours ago Technical Analysis: Gamestop Partnership Sends IMX 35% Higher MARKET UPDATES | 1 day ago
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