November 27, 2022

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News from the world of bitcoin

Biggest Movers: RUNE Rises by Over 20% Today, as NEAR Climbs to Resistance

NEAR rose to its highest level since last Thursday, as prices rebounded from recent lows. SAND and RUNE also climbed from long-term support levels on Tuesday, with RUNE rising by over 20% in today’s session.

THORChain (RUNE)

RUNE was easily one of the biggest gainers during today’s trading session, as it separated itself from AXS, cementing itself as the world’s 43rd-largest cryptocurrency.

Following a low of $7.50 during yesterday’s session, Tuesday’s session saw RUNE/USD rise to an intraday high of $9.05 earlier today.

This move sees RUNE climb to its highest level since last Thursday, April 14, where price went on to be held at resistance.

The long-term ceiling is currently at $9.40, which hasn’t been broken since earlier this month, and late March prior to that.

Regardless of this, price strength has recently shown strong gains, with the 14-day RSI climbing beyond the ceiling of 51.

Should this momentum extend, we could see RUNE at $10.00 later this week. However, bulls could likely take profits once this point is reached.

NEAR Protocol (NEAR)

NEAR continued to move away from its long-term support level on Tuesday, as prices rebound following a recent four-day bear run.

This run took NEAR from resistance of $17.55, all the way down to support of $15.40, with a breakout taking prices to multi-week lows.

Since bouncing from support yesterday, those gains extended in today’s session, with NEAR/USD hitting a peak of $17.50.

Now once again near resistance, many are waiting to see if prices will continue to consolidate, or if there will be a sustained breakout for the first time this month.

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Looking at the chart, the 14-day RSI is currently tracking at 63.24, which although overbought, has just climbed past a resistance level of 61, and appears to be aiming for a higher ceiling at 66.

Should this happen, NEAR could be trading near the $18.00 mark, with the potential to recapture $20 for the first time since January.

Will we finally see a breakout in NEAR after a month of consolidation? Let us know your thoughts in the comments.