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.



Other News from Today