Biggest Movers: ZIL Jumps on Metapolis News, as AAVE Almost 15% Higher on Friday
ZIL was on the rise yet again to end the week, as prices are now trading almost 300% higher than on Monday. The increase in value comes as markets gear up to the release of Zilliqa’s metaverse service platform called “Metapolis.” Many expect the official launch to come tomorrow, and anticipate it to be a game-changer in this space.
ZIL extended this week’s gains, climbing by as much as 14% today, taking its one-week price increase to over 300%.
Surges in the price of the Zilliqa token came as markets anticipated a new product launch that would adapt a metaverse-as-a-service model.
Bulls have bought into the idea, with ZIL/USD climbing to an intraday high of $0.2281 on the news.
This is the most ZIL has traded since May 10 last year, and comes as the 14-day RSI continues to track off the charts.
As of writing this, the indicator was tracking at 92.48, which is beyond the overbought threshold of 70, however, does not look to be losing any momentum.
However, the age-old adage “what goes up must come down” rings true, despite current bulls likely to continue riding the wave.
AAVE rose to a multi-month high during Friday’s session, as prices rebounded from a disappointing day of trading yesterday.
Following a low of around $205.16 to begin the day, AAVE/USD surged to a high of $246.52 during Friday’s session.
This is the highest point AAVE has hit since January 4, and comes as the 14-day RSI bounded from recent support of 69.05.
The surge in price strength now looks set to take AAVE towards its nearly one-year high of 80, which could coincide with another ceiling.
That ceiling could be the $270 mark, which AAVE hasn’t hit in almost four months, and likely to be a place where a reversal would likely occur.
As seen from the chart, there have been several bullish runs that ended at that point, and this could be the case should we see prices reach this once again.
Can AAVE reach $270 this weekend, despite being overbought? Let us know your thoughts in the comments.
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