Stellar surged by as much as 7% on Monday, despite sentiment in crypto markets being mostly bearish to start the week. The token rallied for a second straight session, after a recent collision with a key price floor. Toncoin also rose, hitting a fresh multi-month high.
After trading at a low of $0.1147 on Sunday, XLM/USD moved to an intraday peak of $0.126 earlier in the day.
This surge sees stellar climb higher for a second consecutive day, following a rebound from a floor at $0.110.
Earlier gains have already begun to ease, which comes due to the relative strength index (RSI) colliding with a ceiling of 49.00.
At the time of writing, the index is now tracking at 49.48, with the next point of resistance around 54.00.
Overall, bulls seem to have set their sights on the $0.135 level.
Toncoin (TON) also moved higher to start the week, with the token hitting a fresh multi-month high in the process.
TON/USD peaked at $1.93 on Labor Day, which comes following a low of $1.85 during Sunday’s session.
As a result of the move, toncoin climbed to its strongest point since May 8, when the price reached a high of $2.08.
The RSI on TON continues to reside over the 70.00 mark, meaning that price strength remains overbought.
This has not prevented bulls from continuing to send the token higher, with the $2.00 level the perceived target for traders.
Register your email here to get weekly price analysis updates sent to your inbox:
Could toncoin jump back above $2.00 in the coming days? Let us know your thoughts in the comments.