Dogecoin hit a one-week high on Tuesday, as the meme currency rebounds from its recent losses. The token gained as much as 3% earlier in yesterday’s session, pulling away from a recent support point in the process. Monero was also higher, as bulls moved it closer to a key resistance level.
Dogecoin (DOGE) traded higher during Tuesday’s session as bullish sentiment returned to the market. Earlier in the session, Dogecoin hit an intraday high of $0.06098, which comes less than 24 hours after trading at a low of $0.05907.
Yesterday’s surge saw DOGE move away from a recent low of $0.0585, where it has been consolidating since late September.
Looking at the chart, one of the triggers for this price rally was a breakout that took place on the 14-day relative strength index (RSI). The index broke above its recent high of 50.00, which had been in place since October 9, and is now at 51.19.
It also looks like the 10-day (red) and 25-day (blue) moving averages may be crossing, which could also trigger a new move higher.
In addition to dogecoin, Monero advanced on Tuesday, with prices heading towards a long-term resistance level. After a low of $142.15 on Monday, XMR hit a high of $144.79 earlier in yesterday’s session.
This price increase sees the token continue to move away from a low of $139.40, and it now appears to be heading towards a high of $147.00.
However, bulls targeting this point may run into trouble, as price strength appears to be near a point of resistance. The RSI is currently at 50.16, which is marginally below a ceiling of 51.00, which was last properly broken in mid-September.
If this threshold is broken, we will likely see traders attempt to take the chip to a higher ceiling of $153.00.