TRX Hits 4-Week High, MKR Remains Near 2-Month Peak – Market Updates Bitcoin News
Tron rose to a one-month high in today’s session, hitting a key resistance point in the process. The price increase comes despite cryptocurrency markets mostly trading lower on Monday. Another exception to this decline was maker, which remained near an eight-week high.
Tron (TRX)
Tron (TRX) rose to a four-week high to start the week, hitting a key resistance point in the process.
After a low of $0.06234 on Monday, TRX/USD climbed to a high of $0.06492 earlier in the day.
This saw prices close to a collision with a key resistance point at $0.06500, hitting its strongest point since September 11 in the process.
As can be seen from the chart, previous gains have waned somewhat, as traders liquidated their positions at this resistance point.
Currently, despite today’s drop, tron is trading at $0.06369, remaining almost 2% higher than yesterday’s low.
At the time of writing, the 14-day relative strength index (RSI) is trailing at 61.65, which is the highest point in over five months, and could potentially give way to a bear re-emergence later in the week.
Maker (MKR)
Maker (MKR) was also in the green on Monday, as the token traded near two-month highs.
After a high of $1,111.14 on Sunday, MKR/USD fell 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.
At the time of writing, the manufacturer is trading at $940.45, with the RSI tracking above 70, which is in overbought territory.
As with the tron in the past, this may be an opportune time for bears to re-enter the market, hoping that a current high has already been established.
However, some traders will continue to maintain bullish sentiment, hoping to move beyond a higher ceiling of $1,200.
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Do you expect the manufacturer to rally above this ceiling in October? Let us know your thoughts in the comments.
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