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Crypto Markets Today: Bitcoin tests key resistance as memecoin trading volume explodes
Source: CryptoNewsNet Original Title: Crypto Markets Today: Bitcoin tests key resistance as memecoin trading volume explodes Original Link: Bitcoin retreated from Monday’s peak, when it touched the highest price since mid-November. That’s the same level the largest cryptocurrency neared, and failed to breach, in early December.
While some traders will be shorting that level as a sign of resistance, others will be eyeing a potential break out that could lead to a run towards $98,900 — a key level of support between June and November.
Altcoins rallied, with SUI adding more than 3% since midnight UTC to add to a 24 hour rally of 16%, while XRP continued its strong start to the year with a 29% move to the upside since Jan. 1.
There has also been notable activity in the memecoin sector, with trading volumes on Solana-based token issuer Pump.fun hitting a record high of $1.27 billion, indicating activity from retail traders. The Memecoin Index rose 1.5% to take its year-to-date gain to 19%.