Monero price defies gravity ahead of the BitBot token launch
Monero price continued to defy gravity as it surged to its highest point since January 30th. It has surged by over 80% from its lowest level this year, giving it a market cap of over $3.2 billion. The focus among cryptocurrencies is now shifting to the upcoming Federal Reserve interest rates decision and the ongoing ETF inflows.
Monero is defying gravity
Cryptocurrencies wavered on Monday as focus remained on the upcoming Fed decision. Bitcoin held steady below the crucial resistance point at $70,000. Other big cryptocurrencies like Ether and Solana remained in a tight range.
Many altcoins, on the other hand, went through a major sell-off as concerns about the Federal Reserve continued. This sell-off happened after the US published strong jobs numbers on Friday, raising the possibility that the Fed will hold rates steady in this week’s meeting.
Monero, the biggest privacy coin in the world, was the best-performing token even though there was no major ecosystem news. Notably, the rally continued as Monero formed a golden cross pattern, which happens when the 50-day and 200-day moving averages cross each other.
In most cases, this is one of the most popular bullish signs in the market. Most importantly, the token has risen above the key resistance level at $180, its highest swing in December last year.
Therefore, there is a likelihood that the bull run will continue in the coming days. If this happens, it will likely surge to the next level at $200. The stop-loss of this trade will be at $170.
BitBot is seeing strong traction
It is against this backdrop that the BitBot token is gaining more traction in the market a few weeks after it concluded its highly-successful token sale. The developers raised over $4.3 million from investors.
BitBot’s token sale was highly successful because of what the network is promising. According to its website, the developers are aiming to create the biggest AI-powered Telegram trading bot.
This is notable because of Telegram’s scale as one of the biggest social media companies in the world with over 900 million users.
The Telegram bot industry is doing well as demand for trading solutions jump globally. Recent data showed that these bots account to over $164 million worth of tokens every day.
As such, there are signs that it will gain traction because of its emphasis on AI and security. Unlike other Telegram bots, BitBot will be a non-custodial platform, meaning that its developers will not have access to users funds.
BitBot’s developers are now working on the application. They are also preparing to launch the claiming process for the token. This is a situation where those who bought the tokens will be able to claim them when they start trading. Learn more about BitBot here.
