Monero [XMR] recorded an impressive rally after surging by 13.11% over the past week. Despite its association with fraudulent and illegal activities, and the dark side of the web among other controversies, Monero’s latest price action has outpaced all the other privacy-focussed cryptocurrencies.
Even as the coin took a mild hit following the market-wide correction, XMR bounced back in action as it recorded a mild increase of 1.06% over the last 24-hours. This pushed the price of the cryptocurrency as it was currently exchanging hands at $129.90 while holding a market cap of $2.30 billion and a 24-hour trading volume of $1.53 billion.
Now that the sideways trend appears to be coming to an end, what does the future looks like for the coin?
Monero [XMR] Daily Chart:
The popular privacy coin appeared to be consolidating below a crucial point of resistance for more than a month. After a period of entering stagnation, Monero was finally witnessing momentum building for another leg up.
The 50 DMA [Pink] slid below the XMR price candles after a brief stint above it following the retracement to its immediate support level while the 100 DMA [Yellow], as well as the 200 DMA [Purple], settled below it depicting a strong bullish momentum. Both 100 and 200 DMA now acted as crucial support points for the coin.
But are the rising optimism and the bullish sentiment among the buyers of XMR enough for the price to break above the current range?
The Bollinger Bands were in parallel to each other and did not show any distinctive hints of convergence or divergence. This essentially indicated that a period of consolidation within a tight rangebound would continue, at least for some time now.
The RSI also moved above the 50-median line in tandem with the price recovery which was indicative of a sentiment of increasing buying pressure among the market participants in the Monero ecosystem.
The above charts depicted that Monero has resumed an uptrend and would enjoy gains in the coming days. However, a significant breach above the crucial level of $135.43 might take some time to materialize. If it manages to swing past this level, XMR could further eye $148.6 and $168 levels respectively.
The support levels were found at $122.9 and $91.74.