Bitcoin

Biggest Movers: FLOW Moves to Highest Point Since May, DOT Fast Approaching $10 Level

Flow was in the green to start the week, as the token climbed to its highest point since May. The surge has seen prices rise by as much as 15% on Monday, as recent gains were extended. Polkadot was also higher, as it too cemented multi-month highs.

FLOW

FLOW was one of Monday’s most notable movers, with prices of the token increasing by as much as 15% in today’s session.

After trading at a low of $2.59 on Sunday, FLOW/USD rallied to an intraday high of $3.13 to start the week.

This move saw FLOW rise to its highest point since May 11, when prices were trading above $4.00.

FLOW/USD – Daily Chart

Looking at the chart, today’s peak comes as the token broke out of its long-term resistance at $3.00.

The surge comes as price strength continues to climb, and as of writing, is tracking in overbought territory.

Currently, the relative strength index (RSI) is at a reading of 75.28, which is close to its highest point since April.

This could be a positive for bears anticipating imminent price declines.

Polkadot (DOT)

Whilst FLOW moved to a three-month high, polkadot (DOT) moved to its highest level in close to two months.

DOT/USD raced to an intraday peak of $9.36 to start the week, less than 24 hours after residing at a low of $8.54.

As a result of Monday’s surge, DOT moved briefly above its price ceiling of $9.30, which is one of the last lines of defense to a move above $10.00.

DOT/USD – Daily Chart

Since hitting earlier highs, gains in polkadot have somewhat eased, as bulls likely moved to secure profits.

This drop in momentum coincides with the 14-day RSI hitting a resistance level of its own near the 67 mark.

Should DOT want to extend its move towards the $10.00 mark, then relative strength will need to overcome this obstacle.

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Do you expect polkadot to surge to $10 this week, despite being overbought? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic 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, Dragos Asaftei / Shutterstock.com

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