Dogecoin reached a new one week high Tuesday as it rebounded from its recent losses. The token rose by as much as 3% earlier in today’s session, moving away from a recent point of support in the process. Monero rose also, with bulls moving it closer to the key resistance level.
Dogecoin, (DOGE).
Dogecoin (DOGE) was trading higher during Tuesday’s session, as bullish sentiment returned to the market.
Earlier in today’s session, DOGE/USD raced to an intraday high of $0.06098, which comes less than 24 hours after trading at a low of $0.05907.
Today’s surge saw DOGE move away from a recent price floor of $0.0585, where it has mostly consolidated since late September.
The breakout that occurred on the 14-day relative strengths index (RSI) was one of the triggers for the price increase.
The index has moved beyond its current ceiling of 50.00 which was set on October 9th, and is now at 51.19.
Also, it appears that both the 10-day (red), and 25-day(blue) moving averages may cross over. This could also cause further upward movement.
Monero (XMR)
Dogecoin and monero (XMR), both moved higher on Tuesday as they headed toward a long-term resistance.
Following a low of $142.15 on Monday, XMR/USD raced to a peak of $144.79 earlier in today’s session.
The token’s price has risen to $139.40 from its floor, but it appears to now be headed towards $147.00.
However, bulls looking for this point might have trouble, since price strength is hovering close to a resistance point.
The RSI currently tracks at 50.16. This is slightly below the ceiling of 51.00 which was broken last mid-September.
If this threshold is exceeded, traders will most likely attempt to raise the ceiling to $153.00.
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Are there any unique fundamentals behind today’s gains? We’d love to hear your comments.
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