Technical Analysis: LUNA, AMP Jump Over 20% Higher on Friday
Crypto markets appeared to have temporarily shaken off recent volatility, with AMP once again leading the day’s bulls. Terra’s LUNA also surged, climbing by as much as 20% during Friday’s trading session.
AMP is currently trading over 24% higher in today’s session, climbing to its highest level since last Saturday.
Friday’s rally in AMP came following a false breakout yesterday, at its floor of $0.0239, with prices now trading slightly above resistance.
The ceiling for AMP/USD lies at the $0.2950 level, and this was marginally broken, as prices rose to an intraday high of $0.02993.
It was less than 24-hours ago that AMP was trading at a low $0.02337, however bullish pressure seems to have shaken off-market uncertainty.
As a result of this surge, the 14-day RSI rose to a 10-day high of 47.8, a level which has served as resistance in recent sessions.
Should we see momentum continue upward, this ceiling could well be broken, and AMP could soon be trading at multi-week highs.
The second-biggest gainer today was LUNA, which has risen by nearly 40% in the last seven days of trading.
As of writing, LUNA/USD rose to a high of $68.80 on Friday, following four consecutive days of strong gains.
LUNA was trading at a low of $56.62 yesterday, which then followed a breakout of its $61.30 resistance, which was the main catalyst for today’s gain.
Longer-term bulls decided to re-enter once this breakout occurred, and pushed prices to their highest level in the last four weeks.
The 14-day RSI is also currently tracking at its highest point in six weeks, following a break from the 58 resistance level.
Many bulls are likely going to be targeting $70.00 as a potential exit point.