Biggest Movers: TRX Hits 4-Week High, MKR Remains Close to 2-Month Peak
Tron rose to a one-month high in today’s session, hitting a key resistance point in the process. The surge in price comes despite cryptocurrency markets trading mostly lower on Monday. Another exception to this decline was maker, which remained close to an eight-week high. Tron (TRX)
Tron (TRX) surged to a four-week high to start the week, hitting a key resistance point in the process.
Following a low of $0.06234 on Monday, TRX/USD climbed to a peak of $0.06492 earlier in the day.
This saw prices near a collision with a key resistance point of $0.06500, hitting their strongest point since September 11 in the process. TRX/USD – Daily Chart
As can be seen from the chart, earlier gains have somewhat eased, as traders liquidated their positions at this point of resistance.
Currently tron is trading at $0.06369, despite the day’s slippage, remaining nearly 2% higher than yesterday’s low.
As of writing, the 14-day relative strength index (RSI) is tracking at 61.65, which is its highest point in over five months, and could potentially give way to the reemergence of bears later in the week. Maker (MKR)
Maker (MKR) was also in the green on Monday, as the token was trading close to a two-month high.
Following a high of $1,111.14 on Sunday, MKR/USD slipped to an intraday low of $882.56 earlier today.
Prices of the token have been climbing over the past week, since hitting a floor of $815.00 last Friday. MKR/USD – Daily Chart
As of writing, maker is currently trading at $940.45, with the RSI tracking above 70, which is in overbought territory.
Like with tron earlier, this could be an opportune time for bears to reenter the market, in the hopes that a current high has already been established.
However, some traders will continue to maintain bullish sentiment, and hope to move beyond a higher ceiling of $1,200.
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Do you expect maker to rally beyond this ceiling in October? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin Price Outlook for October — Strong Dollar and Fed Rate Hike Gives Bears the Advantage MARKET UPDATES | 3 hours ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Fall to 1-Week Lows, as Markets Prepare for Big Week of Data MARKET UPDATES | 11 hours ago
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