• 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.