SHIB, DOT up nearly 30% as SOL also surges – Market Update Bitcoin News

Crypto markets were mostly in the green Friday as DOT rose nearly 40%, away from 18-month lows. While SOL, AVAX and MATIC are all up more than 20%, SHIB was one of the biggest gainers in today’s trade.

Polkadot (DOT)

DOT was one of the biggest gainers today, as it rose nearly 40% over the course of Friday, moving away from recent lows in the process.

DOT/USD surged to a high of $11.73 on Friday, within 24 hours of hitting a low of $7.04

The bottom is the lowest level DOT has reached since January 2021 and comes as prices have fallen in 8 of the past 9 days.

Biggest movers: SHIB, DOT up nearly 30% as SOL also soars
DOT/USD – Daily Chart

Today’s rally started as prices jumped from current support at $8.50, up 38% to the session high.

Despite the gains, the 14-day RSI is still slightly oversold and is currently at 37.87, just below the 40 ceiling.

If we see this ceiling broken, then we will see price resistance at $12.50 give way as well.

Shiba Inu (SHIB)

While SOL, MATIC and AVAX are all trading up 20% on Friday, it is a meme coin that is the most high-profile secondary mover today.

SHIB is easily one of the biggest winners today, as it also rebounded from recent lows following this week’s cryptocurrency sell-off.

Following Thursday’s low of $0.00001041, the Shiba Inu rose to an intraday high of $0.00001426 to end the week.

Biggest movers: SHIB, DOT up nearly 30% as SOL also soars
SHIB/USD – daily chart

Today’s action shows that SHIB/USD is pulling back from its most recent eight-month low, as prices stabilize after the recent decline.

Looking at the chart, the rebound came when the 14-day RSI broke resistance at 33.60 and is currently above 35.

The next cap to watch is the 40 mark, which could test bullish pressure and some might use it as an exit opportunity while securing gains.

Will today’s cryptocurrency rally extend into the 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.

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