Happycoin.club - After a long decline and reaching a low in mid-April, the value of the confidential cryptocurrency Monero (XMR) has finally recovered. If XMR was trading at $115 on April 13, then the current value of the coin is $181.
Fluctuations in the price of Monero and other privacy-oriented coins are due to massive delistings from centralized crypto exchanges.
According to coingecko.com, the most active Monero exchange as of June 10, 2024 was HTX. On this trading platform, XMR trading volume has doubled since June 9, with Tether (USDT) being the most popular trading pair, accounting for 82% of XMR trades. Other popular pairs include USD, BTC, EUR and ETH.
XMR charts show a strong bullish trend on various time frames. The daily chart shows a significant upward move since mid-May that has seen prices rise from around $130 to the current $181.
This uptrend is supported by increasing volume, indicating strong buying interest. Key support levels are at $170, $160 and $150, while the next resistance level is located at the psychologically important level of $190.
The relative strength index (RSI) on the XMR/USD daily chart suggests the asset may be approaching overbought territory, indicating a potential pullback. On the 4-hour chart, the bullish momentum continues with upper highs and upper lows, consistent with the daily analysis.
The nearest support levels are found around $176 and $172, resistance is around $185 and the next potential resistance is at $190. Moving averages on different time frames signal a bullish trend, highlighting the strength of the uptrend.
Oscillators are giving mixed signals: the RSI is approaching overbought levels, which hints at caution when entering the market. Overall, XMR technical indicators suggest a continuation of the bullish trend with an eye on resistance levels for potential profit-taking.
