Monero (XMR) Bulls Keep Charging Higher
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- Monero is strongly bullish, approaching the $500 resistance.
- Technical indicators remain positive, supporting further gains.
- A breakout above $500 could target $700.
Recent data on Monero suggests that more capital is flowing into the project, creating a potential opportunity for further growth. The impact of this inflow is also evident in price action, with XMR moving closer to the key psychological resistance level of $500.
Monero on the 24-Hour Price Chart
On the XMR/USDT market, price action has been on a steep upward trajectory after rebounding from support around $294. The ongoing session maintains a strong bullish outlook, as indicated by the large green candlestick.
The token is also trading above the 9-day Exponential Moving Average (EMA), which closely tracks price movement. Meanwhile, the Stochastic Relative Strength Index (SRSI) lines continue to move upward in the overbought region, with the leading line around 81 and the lagging line near 71.
XMR/USDT Still Has the Basis for a Continued Bull Run
Price action on the Monero daily chart strongly suggests that bullish momentum remains viable. At the time of writing, XMR is trading around $470 per coin.
The ongoing session further indicates that bullish forces remain strong and could continue pushing the market higher. The SRSI lines are also moving upward above the 70 level, suggesting that further gains may be possible.
XMR Could Reach Higher Targets
Monero is now within striking distance of the $500 psychological resistance level. The SRSI’s continued strength further supports the bullish outlook. If XMR successfully breaks above $500, the market could subsequently target $700.
