Monero price continued to defy gravity as it climbed to its highest level since January 30. The cryptocurrency has gained more than 80% from this year’s low, giving it a market capitalization above $3.2 billion. Market attention among cryptocurrencies is now shifting to the upcoming interest rate decision from the Federal Reserve and the ongoing ETF inflows.
Monero defies gravity
Cryptocurrencies wavered on Monday as traders focused on the approaching Fed decision. Bitcoin remained subdued below the critical resistance level of $70,000. Other major tokens such as Ether and Solana traded in tight ranges.
Many altcoins, meanwhile, experienced significant sell-offs amid growing concerns about the Federal Reserve. The pullback followed the release of strong U.S. jobs data on Friday, which increased the likelihood that the Fed will keep interest rates unchanged at this week’s meeting.
Monero, the world’s largest privacy coin, was one of the top performers despite the absence of major ecosystem news. The rally accelerated as Monero formed a Golden Cross pattern, which occurs when the 50-day moving average crosses above the 200-day moving average.
This formation is widely regarded as a bullish signal in many markets. Importantly, the token surged past the key resistance level at $180, the peak swing from December of last year.
Given this setup, there is a reasonable chance the rally will continue in the coming days. If momentum holds, a move toward the next target near $200 is likely. A sensible stop-loss for such a trade would be around $170.
BitBot gains strong traction
Against this backdrop, the BitBot token has gained market traction weeks after completing its highly successful token sale. Developers raised more than $4.3 million from investors.
The token sale’s success stems from the project’s promised capabilities. According to the BitBot team, they aim to build the largest AI-driven Telegram trading bot.
That ambition is notable given Telegram’s scale as one of the world’s largest social platforms, with more than 900 million users.
The Telegram bot sector has been performing well as global demand for trading solutions rises. Recent data indicate these bots facilitate daily token activity valued at over $164 million.
There are signs BitBot could gain momentum thanks to its focus on AI and security. Unlike many other Telegram bots, BitBot will operate as a non-custodial platform, meaning developers will not have access to users’ funds.
BitBot’s development team is actively building the application and preparing to initiate the token claim process. That process will allow those who purchased tokens to claim them once trading begins.
Learn more about BitBot here.