• Monero (XMR) rebounded from recent losses on Tuesday, attempting to recapture recent highs.
• Polkadot (DOT) also moved higher in today’s session, snapping a two-day losing streak.
• The tokens both moved towards their respective ceilings, with the relative strength index (RSI) needing to move back towards the 80.00 mark for Monero and 82.00 mark for Polkadot.
On Tuesday, the crypto markets saw two of the largest tokens, Monero (XMR) and Polkadot (DOT), move higher in the session, rebounding from recent declines.
Monero (XMR) saw prices move back towards a seven-month high, as the token attempted to recapture recent highs. Buyers pushed XMR to an intraday peak of $173.28, above its support at $165.00 and towards a resistance of $175.00. As of writing, the token remains below this ceiling, currently trading at the $172.65 level. If this hurdle is overcome, XMR bulls will likely attempt to recapture last week’s peak of $187.20. This would require the relative strength index (RSI) to move back towards the 80.00 mark.
Polkadot (DOT) also moved higher in today’s session, snapping a two-day losing streak. The token raced to an intraday peak of $6.07, a two-month high, coming less than 24 hours after trading at a low of $5.66. 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.
Overall, the crypto markets are showing signs of strength, with the two tokens recovering from recent declines. For Monero to continue its upward trajectory, buyers will need to push the token past its resistance of $175.00, and for Polkadot, the relative strength index needs to move back towards the 82.00 mark. Should this happen, both tokens could be set for further gains in the coming days.