CVX was trading nearly 14% higher to start the weekend as RUNE extended yesterday’s gains and rose more than 13% on Saturday. CVX is now up nearly 35% this week, climbing to multi-week highs in the meantime.
RUNE was one of the biggest winners in crypto markets for a second straight session as it further cemented itself as the world’s 45th largest cryptocurrency by market cap.
After high of $9.52 on Friday, RUNE/USD rose as high as $10.26 to kick off the weekend session.
Today’s peak is the highest level at which RUNE has been trading since December 3, when prices fell from highs around $13.
RUNE/USD – Daily Chart
Saturday’s move caused the 14-day RSI indicator to re-enter its resistance point of 79.11, which has not broken since November.
Looking at this chart, $11.30 is the next likely destination for bulls trying to magnify recent gains, but the road to this point is likely to be turbulent.
Prices are overbought and there could be a reversal despite the bullish sentiment of the last two sessions.
Convex Finance (CVX)
Saturday’s price surge sent CVX to its highest point in more than three weeks, with the token trading more than 35% higher in the past week.
After a low of $23.12 less than 24 hours ago, CVX/USD climbed to a high of $27.39 during today’s session.
The price of CVX is now up 11 of the past 13 trading days, a run that started at the $15.40 support.
CVX/USDT – Daily Chart
As a result of this price increase, market sentiment is currently hovering in overbought territory, with the RSI remaining at historic highs.
Looking at the chart, price strength follows at 72.04, which is well above the previous high of 54.25.
Despite the rally, CVX is now trading around resistance at $27.90, which could be a sign for bears to lower prices.
Could we break this price ceiling this weekend? Let us know your thoughts in the comments.
Eliman brings a diversified point of view to market analysis, having worked as a broker director, retail educator and market commentator in Crypto, Stocks and FX.
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