Crypto Market Rebound: Monero, Polkadot Move Higher

Bullet Points:
• Monero (XMR) rebounded from recent losses on Tuesday, as the token attempted to recapture recent highs.
• Polkadot (DOT) also moved higher in today’s session, snapping a two-day losing streak.
• Monero and Polkadot reached intraday peaks of $173.28 and $6.07 respectively.

On Tuesday, two major cryptocurrencies, Monero (XMR) and Polkadot (DOT), moved higher in the market, rebounding from recent losses. After the U.S. markets reopened following a public holiday on Monday, Monero attempted to recapture recent highs. Monero (XMR) moved back towards a recent seven-month high, with prices rising from a low of $165.77 to an intraday peak of $173.28. This rebound came from the token’s support at $165.00, and further moves will likely attempt to recapture last week’s peak of $187.20. However, for this to happen, the relative strength index (RSI) will need to move back towards the 80.00 mark.

Polkadot (DOT) also moved higher in today’s session, snapping a two-day losing streak. DOT/USD hit a high of $6.07 earlier in today’s session, which comes less than 24 hours after trading at a low of $5.66. As a result of Tuesday’s surge, DOT moved to a ceiling at $6.10, and closer to Saturday’s high of $6.51. The rebound also came as the 14-day RSI bounced from its own support point at 72.45, currently tracking at 74.88, with a ceiling at the 82.00 mark a possible target for buyers.

Overall, the cryptocurrency market experienced a surge in activity on Tuesday, as both Monero and Polkadot moved higher in the market. However, the tokens have yet to break through certain resistance points, and only time will tell if this surge can be sustained.

Bitcoin and Ethereum Surge as China’s GDP Figures Beat Expectations

• Bitcoin (BTC) rose back above the $21,000 mark on Tuesday, as markets reacted to the latest GDP figures from China.
• Ethereum (ETH) climbed higher in today’s session, with prices briefly moving beyond the $1,600 level.
• Following a low of $1,529.57 to start the week, ETH/USD surged to an intraday peak of $1,603 in the early hours of this morning.

The cryptocurrency market was able to take some solace in better-than-expected Chinese GDP figures on Tuesday, as Bitcoin and Ethereum both enjoyed a steady rise in prices.

Bitcoin (BTC) was able to reclaim the $21,000 level on the back of the news, rising to a high of $21,360.87 earlier in the day. The 14-day relative strength index (RSI) continues to hover close to a ceiling of 90.00, and should BTC bulls intend to climb above $21,400, this ceiling on the RSI must first be broken.

Ethereum (ETH) also saw positive movement in the session, with prices briefly moving beyond the $1,600 level. Following a low of $1,529.57 to start the week, ETH/USD surged to an intraday peak of $1,603 in the early hours of this morning. Prices have since slipped, and as of writing, the world’s second largest cryptocurrency is trading at $1,569.75.

Overall, with prices significantly overbought, and with bullish momentum seemingly at its peak, many expect a reversal could be on its way. Currently, the market is in a period of consolidation, and it will be interesting to see how these prices move in the coming days. If the bulls are able to break through current resistance levels, we could see both Bitcoin and Ethereum reach new all-time highs. On the other hand, if the bears take control, we could see some significant selloffs in the near term.