Biggest Movers: XMR Hits 2-Week High, LRC Climbs for Fifth Straight Day
Following a bearish start to the day, XMR climbed to a two-week high during today’s trading session. Gains in monero come as LRC also saw its price move higher, rising for a fifth consecutive day, as it approaches a multi-week high of its own. Monero (XMR)
Monero extended a recent bullish streak during today’s session, with prices rising to a two-week high as a result of strong gains.
XMR/USD hit an intraday peak of $204.69 earlier in the day, which is over $10 higher than yesterday’s low.
Today’s rally comes as prices have now risen for six out of seven sessions, with today’s the highest XMR has hit since May 9. XMR/USD – Daily Chart
On May 12, prices declined to a bottom of $112.98, which was a fifteen-month low, however since then, we have seen significant rebounds.
This resurgence in price is encapsulated by the ascending triangle currently shown on the chart, however prices now look to have landed at a resistance level.
Resistance at $205 has so far held firm, with the RSI tracking at its own ceiling of 55.
Should we see a breakout from this ceiling of 55, then bulls will likely target take profits at $230.
Loopring (LRC)
LRC made a run for its long-term resistance level on Wednesday, as prices rose for a fifth day on the bounce.
Today’s run saw LRC/USD rise to an intraday high of $0.60, which is over 10% higher than yesterday’s low of $0.5207.
As a result of Wednesday’s surge, LRC is now marginally below its long-term resistance level at $0.6210. LRC/USD – Daily Chart
To start the week, loopring broke past this ceiling, hitting a two-week high of $0.6742 in the process, and it appears as if it could be headed back there.
One obstacle in the way of this will likely be the ceiling of 50, which hasn’t been broken in just over two months.
Should this happen, there will likely be an influx of bulls pushing to take prices back towards $1.00, after falling below this last month. Tags in this story Aanlysis, Analysis, Loopring, LRC, xmr
Do you expect LRC to hit $1 in June? 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. Crypto Market Turning Point — Most Cryptocurrencies Down 57% to Over 80% From Price Highs MARKET UPDATES | 5 hours ago Bitcoin, Ethereum Technical Analysis: Crypto Bears Keep BTC Below $30,000 MARKET UPDATES | 10 hours ago
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