CVX was trading nearly 14% higher to start the weekend, as RUNE extended yesterday’s gains, climbing by over 13% on Saturday. CVX is now up by nearly 35% this week, rising to multi-week highs in the process.
Thorchain (RUNE)
RUNE was one of the biggest gainers in crypto markets for a second consecutive session, as it further cemented itself as the world’s 45th-largest cryptocurrency by market cap.
Following a high of $9.52 on Friday, RUNE/USD rallied to a greater high of $10.26 to kick off the weekend’s session.
Today’s peak is the highest level RUNE had traded at since December 3, when prices were falling from highs around $13.
Saturday’s move saw the 14-day RSI indicator once again touch its resistance point of 79.11, which hasn’t been broken since November.
Looking at this chart, $11.30 is the next likely destination for bulls attempting to extend recent gains, however the road to this point will likely be turbulent.
Prices are overbought, and a reversal could be on the cards, despite the bullish sentiment of the last two sessions.
Convex Finance (CVX)
Saturday’s price surge has sent CVX to its highest point in over three weeks, with the token now trading more than 35% higher in the last week.
Following a low of $23.12 less than 24 hours ago, CVX/USD climbed to a peak of $27.39 during today’s session.
The price of CVX has now risen for 11 out of the last 13 trading days, a run which started at its support of $15.40.
As a result of this rally in prices, market sentiment is currently hovering in overbought territory, with the RSI tracking at historical highs.
Looking at the chart, the price strength is tracking 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 may be a sign for bears to bring prices lower.
Could we see this price ceiling broken this weekend? Let us know your thoughts in the comments.
