Monero rebounded from recent losses on Tuesday, as the token attempted to recapture recent highs. The move comes as U.S. markets reopened following a public holiday on Monday. Polkadot also moved higher in today’s session, snapping a two-day losing streak.
Monero (XMR) rebounded on Tuesday, as the token moved back towards a recent seven-month high.
Following a low of $165.77, XMR/USD raced to an intraday peak of $173.28 earlier in today’s session.
Today’s move saw monero bounce from its support at $165.00, and climb towards a resistance of $175.00.
XMR/USD – Daily Chart
As of writing, the token remains below this ceiling, currently trading at the $172.65 level.
Should this hurdle be overcome, XMR bulls will likely attempt to recapture last week’s peak of $187.20.
In order for this to happen, the relative strength index (RSI), which is currently tracking at 68.71, will need to move back towards the 80.00 mark.
Polkadot (DOT) snapped a two-day losing streak on Tuesday, with prices nearing a two-month high.
DOT/USD hit a high of $6.07 earlier in today’s session, which comes less than 24 hours after trading at a low of $5.66.
As a result of Tuesday’s surge, DOT moved to a ceiling at $6.10, and closer to Saturday’s high of $6.51.
DOT/USD – Daily Chart
Looking at the chart, the rebound came as the 14-day RSI also bounced from its own support point at 72.45.
Currently, the index is tracking at 74.88, with a ceiling at the 82.00 mark a possible target for buyers.
As of writing, DOT has given up earlier gains, and is trading at $5.97.
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Will polkadot climb above $6.51 this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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