Skip to main content

Biggest Movers: DOGE Hits 1-Week High as Prices Rebound on Tuesday

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.

Register your email here to get weekly price analysis updates sent to your inbox:

Are there any unique fundamentals behind today’s gains? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/CgQFTiW
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more