DOT Rebounds After Recent Falls As RUNE Heads To Multi-Week Lows – Market Update Bitcoin News

DOT rebounded on Friday, off multi-week lows, after falling for two straight sessions. As DOT goes up from these lows, RUNE goes down and the token goes down towards them. The price of RUNE is down more than 10% at the time of writing.

Polkadot (DOT)

DOT was a notable mover in Friday’s session as prices rebounded after two consecutive days of losses.

After two days of losses, DOT/USD bottomed out at $8.61 on Thursday, but has since gained nearly 10%.

Today’s move saw DOT hit an intraday high of $9.91 as the price moved away from recent lows near support at $9.05.

Biggest mover: DOT rebounds after recent losses as RUNE heads towards multi-week lows
DOT/USD – Daily Chart – May 27, 2022

Looking at the chart, the next price objective for the bulls is likely to be the $10.50 ceiling, which has held firm for most of the past ten days.

While currently tracking at 38.85, bulls are likely to keep an eye on the RSI at 39.50 as it appears to be a hard cap.

This could mean that some bulls may try to push the price above the $10 threshold and then possibly liquidate their positions before hitting the cap.

Thor Chain (Rune)

While DOT moved away from its own support on Friday, RUNE moved towards it as the price dropped more than 10% today.

After peaking above $3.15 during Thursday’s session, RUNE/USD fell to a low of $2.45 earlier in the day.

The low came as prices fell below recent support at $2.62, hitting their lowest level since May 12 in the process.

Biggest mover: DOT rebounds after recent losses as RUNE heads towards multi-week lows
RUNE/USD – Daily Chart – May 27, 2022

With this 15-day low, the RSI is now tracking at 29.91, which is not only extremely oversold, but a bottom.

Bulls looking for positivity may only be skeptical, as it could mean the bearish momentum is coming to an end.

If not, however, bears will inevitably target $2.13 and below to push RUNE to a fresh 18-month low.

Will we see RUNE drop to an 18-month low this weekend? Let us know your thoughts in the comments.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.

Image Source: Shutterstock, Pixabay, Wiki Commons

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