Fun

Biggest Movers: XMR Moves to 5-Week High, Despite Crypto Selloff

News Feed - 2022-07-22 01:07:51

Biggest Movers: XMR Moves to 5-Week High, Despite Crypto Selloff


Monero moved to its highest level in five weeks on Thursday, despite crypto markets mainly trading in red. The token rose to its highest level since June 13 after extending recent gains. On the other hand, dogecoin dropped lower today, despite Elon Musk announcing that Tesla hasn’t sold any of the meme coin. Monero (XMR)


Monero (XMR) was a notable mover in today’s session, as the token rose for a fourth consecutive day.


Today’s surge saw the token climb to an intraday high of $153.09, which is its highest point since June 13.


As a result of the move, XMR/USD is now closing in on a key resistance level at $155, which will likely be a point of uncertainty for traders. XMR/USD – Daily Chart


This price ceiling will coincide with another resistance level, that being of the 14-day RSI, which is currently tracking at a three-month peak.


Bears who view current prices as overbought may use this as an opportunity to reenter, with some earlier bulls being pushed to abandon their positions.


However, should a breakout of this point occur, then XMR will likely make a run towards its higher ceiling of $175.


Dogecoin (DOGE)


Following a move to a three-week high on Wednesday, dogecoin (DOGE) was in the red in today’s session.


Prices of the meme coin fell by nearly 10% earlier today, despite comments from Elon Musk, confirming that Tesla had not sold any DOGE in Q2.


As previously written, Tesla had sold 75% of its bitcoin holdings in the quarter, however, Musk commented that “We have not sold any of our dogecoin”. DOGE/USD – Daily Chart


Despite this, DOGE/USD fell to an intraday low of $0.06724 less than 24 hours after trading at a peak of $0.0751.


Although there are some fundamentals behind the move, today’s drop comes as several tokens, including DOGE, hit resistance in price strength.


As of writing, the meme coin failed to break out of its ceiling at 55.8, and is now tracking at 53.6.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Doge, dogecoin, Monero, xmr


Do traders still value Elon Musk’s public support of dogecoin? Let us know your thoughts in the comments. Eliman Dambell


Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Falls, as Tesla Sells 75% of Its Holdings MARKET UPDATES | 10 hours ago Biggest Movers: DOGE, ADA Move to Multi-Week Highs on Wednesday MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleStablecoin Market Cap Slides, BUSD and DAI Valuations Jump, Fiat Tokens Represent 70% of All Crypto Trades Next articleVideo Game Giant Square Enix Plans to Drop a Final Fantasy VII NFT Collection in 2023 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

TSX-Listed Voyager Digital ‘Temporarily’ Suspends Trading, Deposits, and Withdrawals
TSX-Listed Voyager Digital "Temporarily" Suspends Trading, Deposits, and Withdrawals After the TSX-listed Voyager Digital revealed that it was owed $655 million from Three Arrows C
Bitcoin Price Touches $28,600, Crypto Asset’s Value Gains Over 288% in 2020
Bitcoin Price Touches $28,600, Crypto Asset"s Value Gains Over 288% in 2020 The price of bitcoin touched an all-time high at 3:12 a.m. (EST) during the early mor
Korean Regulator Takes Action Against 16 Foreign Crypto Exchanges
Korean Regulator Takes Action Against 16 Foreign Crypto Exchanges The South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for oper
Hong Kong launches Project Ensemble to support tokenization with wCBDC
Derek Andersen5 hours agoHong Kong launches Project Ensemble to support tokenization with wCBDCThe HKMA’s latest CBDC project will look at tokenized deposits in tokenized asset transactions.529 Total views1 Total share
Custom NFT Marketplace Creaticles Bolsters Advisory Board Ahead of Multi-Chain Expansion
Custom NFT Marketplace Creaticles Bolsters Advisory Board Ahead of Multi-Chain Expansion press release PRESS RELEASE. Boston, 10 February 2022 –Creaticles, the world’s
Alex Labs freezes $3.9M of exploited funds sent to CEXs after hack
Christopher Roark2 hours agoAlex Labs freezes $3.9M of exploited funds sent to CEXs after hackThe team behind the Bitcoin layer-2 developer has successfully frozen some exploited crypto after the attacker tried to cash o
Epic Games Teams Up With Lego to Build a Kids Metaverse
Epic Games Teams Up With Lego to Build a Kids Metaverse Epic Games, the game developing studio, and Lego, the famous construction block company, have announced a partnership to dev
Bitcoin, Ethereum Technical Analysis: BTC Jumps Back Above $28,000, Following Easter Break
Bitcoin, Ethereum Technical Analysis: BTC Jumps Back Above $28,000, Following Easter Break Bitcoin started the week climbing back above $28,000, as markets returned from the Easter
Brian Quarmby6 hours agoYuga Labs to wind back from OpenSea over its axing of royalty enforcementsYuga Labs said it will start winding back OpenSea support for “all upgradable contracts and any new collections” follo
Spain Modifies Tax Model 720, Used to Declare Cryptocurrency Holdings Abroad
Spain Modifies Tax Model 720, Used to Declare Cryptocurrency Holdings Abroad The Spanish parliament has introduced an amendment to the tax model 720 used to declare cryptocurrency
Massive XRP Accumulation – Whales Bought 520 Million XRP During Market Dip
Este artículo también está disponible en español. XRP has shown resilience amid the market’s volatility and uncertainty, standing strong as it rebounds from recent lows
Binance Is Hunting for a New CEO — Exchange’s US Venture ‘Looks at Potential IPO Route’
Binance Is Hunting for a New CEO — Exchange"s US Venture "Looks at Potential IPO Route" Binance CEO Changpeng “CZ” Zhao has explained in a recent i