Home » DOGE Hits 1-Week High as Prices Rebound on Tuesday – Market Updates Bitcoin News

DOGE Hits 1-Week High as Prices Rebound on Tuesday – Market Updates Bitcoin News

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Dogecoin surged to a one-week high on Tuesday as Memecoin rebounded from recent losses. The token saw him rise as much as 3% early in today’s session, breaking away from recent support points in the process. Monero also rose as the bulls approached key resistance levels.

Dogecoin (DOGE)

Dogecoin (DOGE) traded higher during Tuesday’s session as bullish sentiment returned to the market.

Earlier in today’s session, DOGE/USD traded at a low of $0.05907 and raced to an intraday high of $0.06098 within 24 hours.

Today’s surge has taken DOGE off the recent low of $0.0585, which has largely stabilized since late September.

Biggest move: DOGE hits one-week high as price rebounds on Tuesday
DOGE/USD – daily chart

Looking at the chart, one of the triggers for this price rally was a breakout in the 14-day Relative Strength Index (RSI).

The index has moved past the recent cap of 50.00 set since October 9 and is now tracking 51.19.

There is also a potential crossover between the 10-day (red) and 25-day (blue) moving averages, which could trigger further up move.

Monero (XMR)

In addition to Dogecoin, Monero (XMR) rose on Tuesday as prices headed for a long-term resistance level.

Following Monday’s low of $142.15, XMR/USD peaked at $144.79 early in today’s session.

With this price increase, the token continues to move away from the $139.40 lower bound and now appears to be headed towards the $147.00 ceiling.

Biggest move: DOGE hits one-week high as price rebounds on Tuesday
XMR/USD – daily chart

However, as price strength appears to be hovering near the resistance point, bulls targeting this point may face difficulties.

The RSI is currently hovering at 50.16, just below the 51.00 ceiling that was last properly broken in mid-September.

If this threshold is crossed, traders may try to raise the token to the higher $153.00 cap.

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Do you have your own fundamentals behind today’s profit? Let us know your thoughts in the comments.

Elliman Dumbbell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and retail trading educator. Currently, he is a commentator on various asset classes including cryptocurrencies, equities and forex.

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