XMR Moves to 5-Week High, Despite Crypto Selloff – Market Updates Bitcoin News
Monero moved to a five-week high on Thursday, despite crypto markets trading mostly in the red. The token rose to its highest level since June 13 after extending recent gains. On the other hand, dogecoin fell lower today, despite Elon Musk announcing that Tesla has not sold any of the meme coins.
Monero (XMR)
Monero (XMR) was a notable mover in today’s session, as the token rose for the fourth day in a row.
Today’s surge saw the token climb to an intraday high of $153.09, its highest point since June 13.
As a result of the move, XMR/USD is now nearing a key resistance level at $155, which is likely to be a point of uncertainty for traders.
This price ceiling will coincide with another resistance level, the 14-day RSI, which is currently tracking at a three-month high.
Bears who view today’s prices as overbought may use this as an opportunity to get back in, with some former bulls being pressured to exit their positions.
However, should a breakout of this point occur, XMR is likely to run towards the higher ceiling of $175.
Dogecoin (DOGE)
After a move to a three-week high on Wednesday, dogecoin (DOGE) was in the red in today’s session.
Prices of the meme coin fell by almost 10% earlier today, despite comments from Elon Musk, who confirmed that Tesla had not sold any DOGE in Q2.
As previously written, Tesla had sold 75% of its bitcoin holdings in the quarter, but Musk commented that “We haven’t sold any of our dogecoin”.
Despite this, DOGE/USD fell to an intraday low of $0.06724 less than 24 hours after trading at a high of $0.0751.
While there are some fundamentals behind the move, today’s drop comes as several tokens, including DOGE, hit resistance in price strength.
At the time of writing, the meme coin failed to break out of the ceiling of 55.8, and is now tracking at 53.6.
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