Монеро се бори против плиме – инвеститори би требало да прате ове нивое

If there has been one cryptocurrency that has taken the market by surprise over the last 24 hours, it’s Монеро [КСМР].

In a market where top coins, including Битцоин [БТЦ] Етхереум [ЕТХ], have dropped in price, XMR has increased. At press time, the private cryptocurrency had gone up 7.84% as per ЦоинМаркетЦап.

However, the rise may not be shocking as many would have intended, especially after its big fall to $138.93 on 23 July. Over the last seven days, its cumulative price increase has been 3.89%.

At the time of this writing, XMR traded at $153.21. The question is— was it expected? A look at the charts before this run would tell.

The journey of surprises 

The potential of a sustainable уптренд has shown likely signs since 14 July especially considering the 20-period EMA (blue) crossed the 50-period EMA (yellow) at that time. Expectedly, the price started its move up on the same day. It went from $124 and traded at $145 on 18 July.

However, its first major dip happened on 23 July after it fell to $142.99 from $153.18. Still, the 20 EMA remained above the 50 EMA, indicating that the price uptrend was not over. At press time, it stayed the same. Thus, some XMR traders may have expected an increase in the past 24 hours. 

Извор: ТрадингВиев

Similarly, the Relative Strength Index (RSI) had a similar pattern, rising to a solid buying level of 59.59, at press time. Despite the price movements, XMR traders may want to look out for some spots, which may result in a reversal.

However, the recent run may have justified its excellent положај to buy XMR earlier.

The current trend showed that the 50 EMA could overtake the 20 EMA soon. In the same vein, the momentum revealed by the RSI showed that the buying pressure might not sustain its levels as XMR seems to have been overbought. At this point, the XMR green trend may not keep up for the next few days.

So what’s next on charts?

On-chain metrics may have other opinions even with a possible reversal of the uptick. Data from Сантимент showed that there had been an increase in its 24-hour volume—a 58.3% increase to $156,454,185.

Извор: Сантимент

Interestingly, a rise in market cap did not align with the social volume metrics. It only went up to 0.633%, indicating that the XMR interest could dwindle.