Monero has been on the rise in recent months, underpinned by a significant increase in its price to the upside. During the past week, however, XMR has been unable to gain any significant ground, stagnating in the $150-160 range. The altcoin has seen indications of a recovery in buying strength, with the Relative Strength Index channel rising above the neutral halfway-line. This is further supported by the altcoin trading above its 20-Simple Moving Average and the 50-SMA (green) line, suggesting a chance of continued bullishness. For XMR to cross the obstacle of its local resistance at $161, however, the buyers would need further impetus to break it. On the other side, the coin's support rests at $154 and if it fails to hold the price at this level, it could slide down to $148. The market capitalization for XMR has noted a growth, which reflects the demand for the coin in the day-to-day chart. However, the bearishness as reflected by the Awesome Oscillator is still slightly underway, presenting a bearish signal for the altcoin. Nevertheless, if the bulls are able to sustain their strength, XMR could make a push into higher price territories.
Christopher Wood
- 2023-04-01
Monero Price Taking New Sharp Turns
Monero (XMR) has been unable to gain any significant ground in recent days, but it still shows some bullish signs. XMR is currently trading above its 20-Simple Moving Average and the 50-SMA (green) line, suggesting a chance of sustained bullishness.
![CandleFocus Monero-XMR-Trading-Bullish](https://images.candlefocus.com/Monero-Price-Taking-New-Sharp-Turns.jpg)