Monero (XMR) Retains a Key Baseline
Estimated Reading Time: 3 minutes
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Summary:
- XMR remains strong, outperforming many cryptocurrencies despite a recent pullback.
- Bullish momentum persists, with price above the 9-day EMA and SRSI in overbought territory.
- XMR could target $450 if the upward trend continues.
The Monero token has emerged as one of the best-performing cryptocurrencies today. The token was able to post gains at a time when most altcoins, including Bitcoin, were trading in the red. Additionally, the coin has recorded significant spot trading volume. Even now, the token continues to hold up well. Let’s take a closer look at the market below.
Monero on the 24-Hour Chart
The XMR/USDT market on the daily chart has recorded a modest upward price surge over the past two sessions. However, since the previous session, the market has experienced a slight downward retracement, yet price action remains above the 9-day Exponential Moving Average (EMA) line.
The lines of the Stochastic Relative Strength Index (SRSI) indicator can still be seen in the overbought region, although they are steadily trending downward toward the 80 level.
What Is the XMR/USDT Chart Saying?
From the behavior of price action since July 1, this market has maintained an upward trajectory. Two sessions ago, bullish momentum received a notable boost. That bullish momentum received a notable boost two sessions ago.
Although the last two sessions have presented a modest bearish correction, price action continues to trade above the 9-day EMA curve. This suggests that bullish forces still have the potential to push the market higher. Meanwhile, the SRSI lines remain in the overbought region, generally indicating that buying activity is still present in the market.
Monero Continues to Target Higher Levels
Based on the movement of price action, the XMR market appears to remain on track toward higher price levels. Since July 1, bullish momentum has strengthened considerably. This has pushed the market above the 9-day EMA and beyond a key technical level.
The SRSI indicator lines have also climbed into the overbought region and continue to remain there. As a result, the price of XMR could potentially advance toward the $450 level in the coming days or weeks.
