Monero rose to its highest level for five weeks Thursday, despite the fact that crypto markets are mainly trading red. After extending its gains, the token reached its highest point since June 13. On the other hand, dogecoin dropped lower today, despite Elon Musk announcing that Tesla hasn’t sold any of the meme coin.
Monero (XMR)
Monero (XMR) was a notable mover in today’s session, as the token rose for a fourth consecutive day.
Today’s surge saw the token climb to an intraday high of $153.09, which is its highest point since June 13.
The move has caused XMR/USD to close in on the key resistance level of $155, which is likely to be an area of uncertainty for traders.
The price ceiling coincides with another resistance level: the 14-day RSI. It is currently at a peak of three months.
If bears consider current prices too high, they may consider this an opportunity to reenter. Some bulls might be pushed out of their positions.
If this happens, XMR could make a run for its $175 ceiling.
Dogecoin, (DOGE).
Following a move to a three-week high on Wednesday, dogecoin (DOGE) was in the red in today’s session.
Today’s price drop in the meme coin was close to 10% despite Elon Musk’s comments confirming that Tesla has not sold any DOGE during Q2.
As previously written, Tesla had sold 75% of its bitcoin holdings in the quarter, however, Musk commented that “We have not sold any of our dogecoin”.
However, DOGE/USD dropped to $0.06724 intraday less than 24 hours after reaching a high of $0.0751.
Although there are some fundamentals behind the move, today’s drop comes as several tokens, including DOGE, hit resistance in price strength.
The meme coin is currently tracking at 53.6, but has not yet broken out of the 55.8 ceiling.
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