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ATOM, SOL Remain Close to Multi-Week Highs, as Markets Consolidate Recent Gains – Market Updates Bitcoin News

ATOM, SOL Remain Close to Multi-Week Highs, as Markets Consolidate Recent Gains – Market Updates Bitcoin News

Cosmos climbed by as much as 5% in Wednesday’s session, as the token remained close to a multi-week high. Cryptocurrency markets consolidated recent gains in today’s session, with the global market cap down by 0.24% as of writing. Solana continued to trade above $20.00, as prices consolidated.

Cosmos (ATOM)

Cosmos (ATOM) was once again in the green, as prices remained close to a recent multi-week high.

Following a high of $13.47 on Tuesday, ATOM/USD hit a peak of $13.41 earlier in today’s session, before prices have since plunged.

Since hitting a three-week high during yesterday’s session, cosmos bulls have moved to consolidate gains, with ATOM now trading at $12.55.

ATOM/USD – Daily Chart

Overall, bulls have seemingly moved to take profits, following a failed breakout attempt of the $13.50 ceiling.

Looking at the chart, the decline comes as the 14-day relative strength index (RSI) was also unable to move past a resistance zone of its own at 57.00

As of writing, the index is tracking at 51.52, with a floor at 50.00 a possible destination for traders.

Solana (SOL)

In addition to ATOM, solana (SOL) also remained near a recent high, despite market sentiment shifting in today’s session.

SOL/USD fell to a low of $20.31 earlier in today’s session, hours removed from a peak at the $22.11 mark.

Yesterday’s high saw solana trade at its strongest point since March 2, when the token was trading close to $23.00.

SOL/USD – Daily Chart

From the chart, it appears that the SOL bulls began shifting away from earlier positions, following a collision with a ceiling on the RSI.

Price strength hit a point of resistance at the 50.00 level, which has been in place since late-February.

As of writing, the index is now tracking at 48.91, with the next visible floor at the 45.00 level.

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Has the recent bull wave completely faded? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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