Monero, also like XMR, is throwing a very bullish signal, as it is escaping a downward trend of more than 4 years against the queen of cryptocurrencies, Bitcoin.
Now that the widespread tide is bearish in the crypto market, XMR is standing out with gains of 2% in the last 24 hours, and 27% in the last 7 days.
At the time of this writing, the renowned privacy coin is trading at $200, and thanks to its capitalization of $3.6 billion, it ranks 25th in the Crypto Online ranking.
The reasons behind the isolated Monero (XMR) rally
After the crypto market reacted to the downside following the news related to the monetary policy of the United States, Monero resisted, which tells us that investors have been valuing privacy when looking for protection.
Later, with the crash of LUNA, Monero failed to stay strong as it had been doing. However, we now see that all those losses were wiped out, thanks to a 75% price recovery from the recent low of $119.
Being a coin with more than 8 years of experience, which has constantly scaled with improvements in search of maximum anonymity, its leadership within the ecosystem is indisputable. Now that a lot of capital is again looking for a place within the market, these reputable currencies, and a solid fundamental base, could continue to rally.
In addition, unlike many other cryptocurrencies, this one did not benefit so much from the bullish rally of 2021. A strong rally from the current point would be much healthier for Monero than for Dogecoin, for example.
Recently, a hard fork of this blockchain occurred, which aimed to add new improvements for the privacy and scalability of the network. This may have been another of the drivers of positivism.
A very positive signal is observed on the monthly XMR vs BTC chart
As the title of this post says, Monero is leaving behind a downtrend against Bitcoin, which has been maintained for more than 4 years.
In the monthly chart XMR vs BTC we can observe how the price is crossing with good determination, the descending line that has been drawing this trend.
There are still six days until the end of the month, but it seems that it is a behavior that we can trust. However, the most conservative could expect that the immediate resistance, located at 0.0073 BTC, will be broken through.
Technical analysis of Monero vs the US Dollar
In the daily price XMR vs USD we can observe the great recent strength of this currency, capable of creating a short-term uptrend.
The 8-day EMA and 18-day SMA moving averages are crossed to the upside following this direction. The 200-period SMA is being challenged today, breaking through it would be a very good sign.
The recent steep rally of Monero is not the healthiest, however, this course could calmly continue.
To think about short-term sales, the ascending line that I frame in the graph below must be traversed. The nearest horizontal support is at $173. Losing it would be a loss of the current momentum.
XMR vs USD monthly chart
From this time frame the scenario is quite encouraging, as we can observe a strong rejection of low prices, which seems to have marked the bottom of an important correction.
After getting support at $135, it now seems that Monero XMR could be resuming its bullish trend in the medium/long term.
The next objective is to exceed $ 285, which would leave the ground free to look for the supply zone left by the historical maximum, around $500.
If the support at $135 is lost (unlikely), it would tell us about the need for a broader corrective process. In this case, the land would be cleared up to $93.
All our publications are of an informative nature, so in no case should they be regarded as investment advice.
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