Monero (XMR) May Gain More Traction
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- XMR remains bullish, trading above the 9-day EMA and following an upward trendline.
- SRSI is overbought but still rising, indicating continued upward momentum despite possible retracement concerns.
- XMR could retest $600, with stronger momentum potentially pushing the price toward the $700 level.
The Monero market has been on an upward trajectory since July. Some analysts are suggesting that there may be a significant downward retracement. For now, on a daily time frame, there are signs that price action may push its way upwards. Regardless, let’s take the time to analyze the market further.
XMRUSDT on a 24-Hour Chart
Today has seen a significant upward price increase in the Monero market. The ongoing session is also trading above the 9-day Exponential Moving Average (EMA) curve. The Stochastic Relative Strength Index (SRSI) indicator is already in the overbought region but has an upward trajectory following an upside crossover. The drawn upward-sloping trendline still shows price activity moving upwards.
Monero Bulls Are Still Active
From the behavior of price action, we can see that upside forces are active. Although there is a broader market opinion that a bearish retracement may occur, it can be seen that the Monero market is proceeding upwards even as most altcoins are regressing. The appearance of today’s trading keeps bullish promises. Likewise, the appearance of the SRSI indicator lines is oriented upwards, suggesting that upside forces are leading. As such, we may see more price growth in this market.
XMR Traders May Soon See a Revisit of the $600 Price Level
The $600 price mark has been tested previously in the Monero market but held like a steel wall. This resulted in a pullback. However, today’s trading has suggested that the market is gathering momentum to re-challenge the price level. From the indications, that may surface shortly, as traders may even want to aim higher, perhaps towards the $700 price level.
