XMR, which saw prices rise to the highest levels in more than four weeks, was a noteworthy mover on crypto markets. ALGO, a crypto market that also saw consolidation on Saturday, was higher than usual, and it reached an all-week high this weekend.
Monero (XMR)
Monero was a notable mover on Saturday, as the token rallied to its highest point in over four weeks in today’s session.
After a Friday low of $133.16, XMR/USD surged to an intraday high of $141.17 on Saturday to begin the weekend.
The token race reached its highest level since June 13th, and prices broke through the $136 resistance.
Some bears have attempted to halt the upward momentum of XMR since its breakout.
Monero currently trades in the $138 range as of this writing. Prices are slightly down from previous highs.
If bullish sentiment continues to decline, we could soon see XMR trade below $136.
Algorand (ALGO).
ALGO also gained on Saturday and reached a multi-week peak to open the weekend.
Today’s intraday high of $0.3425 was reached by the token. This is its highest trading price since June 26.
As a result of today’s surge, ALGO/USD is now on the cusp of colliding with its long-term price ceiling at $0.3500.
You can see that the relative strength of the index has increased dramatically over the past weeks. It now tracks at 54.19.
This is the highest reading of the RSI since April 4th, when prices were trading at almost twice their current value.
The bulls appear to want to push past the price ceiling but it’s likely that bears will try to lower prices at this level.
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Can bullish sentiment prevail at the resistance level or will it be dominated by bearishness? Please share your views with us in the comments.
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