Technical Analysis: LUNA, AMP Jump Over 20% Higher on Friday 

shutterstock 2122688786

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

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.

Technical Analysis: LUNA, AMP Jump Over 20% Higher on Friday
AMP/USD – Daily Chart

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.

Terra (LUNA)

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.

Technical Analysis: LUNA, AMP Jump Over 20% Higher on Friday
LUNA/USD – Daily Chart

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.

Tags in this story

Could we see this happen as early as tomorrow? Let us know your thoughts in the comments.

eliman@bitcoin.com'
Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer