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

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On Thursday, Monero climbed to its highest level in five weeks, despite cryptocurrencies mostly trading in the red. The token surged to its highest level since June 13 after increasing recent gains. On the other hand, dogecoin fell lower today despite Elon Musk announcing that Tesla has not sold a single meme coin.

Monero (XMR)

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

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

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As a result of the move, XMR/USD is now approaching a key resistance level at $155 which is likely to be a point of uncertainty for traders.

XMR/USD – daily chart

This price ceiling will coincide with another resistance level, the 14-day RSI, which is currently at a three-month high.

Bears who view current prices as overbought may use this as a re-entry opportunity, and some of the earlier bulls will be forced to abandon their positions.

However, if this point is broken, then XMR likely to rise to its higher ceiling of $175.

Dogecoin (DOGE)

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

The prices of the meme coin fell almost 10% today despite Elon Musk’s comments confirming that Tesla did not sell DOGE in the second quarter.

As previously posted, Tesla sold 75% of its bitcoin holdings in the quarter, however Musk commented that “we didn’t sell any of our dogecoins.”

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.

While there are some fundamental factors behind this move, today’s drop came as several tokens, including DOGE, faced resistance in price strength.

At the time of writing, the meme coin has failed to break through its ceiling at 55.8 and is now holding at 53.6.

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Do traders appreciate Elon Musk’s public endorsement of dogecoin? Let us know your thoughts in the comments.

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