Monero Prices have continued to defy gravity and surged to their highest since January 30th. They have surged more than 80% from their lowest levels this year, pushing their market cap to over $3.2 billion. The focus for cryptocurrencies has now shifted to the upcoming Federal Reserve interest rate decision and ongoing ETF inflows.
Monero is defying gravity
Cryptocurrencies were volatile on Monday as attention shifted to the upcoming Fed decisions. Bitcoin stabilized below the key resistance point of $70,000, while other major cryptocurrencies such as Ether and Solana remained in a narrow range.
Meanwhile, many altcoins suffered heavy sell-offs due to continued concerns about the Federal Reserve. The sell-off came after the US released strong employment data on Friday, raising the possibility that the Fed will keep interest rates unchanged at its meeting this week.
Monero, the world's largest privacy coin, was the best-performing token despite the lack of any major news in its ecosystem. Notably, the rally continued as Monero formed a golden cross pattern. The golden cross pattern occurs when the 50-day and 200-day moving averages cross each other.
For most, this is one of the most popular bullish signs in the market. Most importantly, the token has risen above a key resistance level of $180, its all-time high from last December.
Therefore, the bullish trend is likely to continue for the next few days, which will likely result in a surge to the next level of $200. The stop loss for this trade is at $170.
BitBot is attracting a lot of attention
Given this background, Bitbot The token is gaining further traction in the market just weeks after closing a highly successful trading session. Token SaleThe developers have raised more than $4.3 million from investors.
BitBot’s token sale was a huge success due to the network’s promises, and according to the company’s website, the developers aim to create the largest AI-powered Telegram trading bot.
This is noteworthy considering the scale of Telegram, one of the largest social media companies in the world with over 900 million users.
With the demand for trading solutions surging globally, the Telegram bot industry is booming: according to recent data, these bots are generating $164 million worth of tokens every day.
Therefore, its emphasis on AI and security is likely to make it more popular. Unlike other Telegram bots, BitBot is a non-custodial platform, meaning developers have no access to user funds.
BitBot developers are currently working on the development of the application and are also preparing to launch the token claiming process, which is the situation where people who have purchased tokens can claim them when they start trading. You can learn more about BitBot here. here.
