Dogecoin rose to a one-week high on Tuesday, as the meme coin rebounded from 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 was also higher, as bulls pushed it closer to a 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.
Looking at the chart, one of the triggers of this rise in price was a breakout which took place on the 14-day relative strength index (RSI).
The index moved past its recent ceiling of 50.00, which has been in place since October 9, and it is now tracking at 51.19.
It also appears that the 10-day (red) and 25-day (blue) moving averages could cross over, which may also trigger further upward movement.
Monero (XMR)
In addition to dogecoin, monero (XMR) moved higher on Tuesday, as prices headed towards a long-term resistance level.
Following a low of $142.15 on Monday, XMR/USD raced to a peak of $144.79 earlier in today’s session.
This increase in price sees the token continue to move away from a floor of $139.40, and it now looks to be heading to a ceiling of $147.00.
However, bulls targeting this point may find difficulty, as price strength appears to be hovering near a point of resistance.
The RSI is currently tracking at 50.16, which is marginally below a ceiling of 51.00, which was last properly broken in mid-September.
Should this threshold be passed, we will likely see traders attempt to take the token to a higher ceiling of $153.00.
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Are there any unique fundamentals behind today’s gains? Let us know your thoughts in the comments.