Monero (XMR) backed gains

Hey fellow crypto enthusiasts! If you're a fan of privacy-centric crypto, then buckle up because Monero (XMR) is making waves. It seems like our privacy-centric pal XMR has been on a rebound mission, and we're here to spill the tea. So, what’s cooking with Monero, and can those bullish forces push it to the glorious $150 milestone this week? Let’s dive in!

First off, XMR has been doing some heavy lifting, bouncing back from the psychological $100 level - you know, that round number where even the dullest of market watchers perk up. Buyers didn't just pause for their coffee; they got busy accumulating XMR with their eyes set firmly on that $150 mark. Currently, XMR is chilling around the 100-day EMA mark like a seasoned trader sipping on a latte, waiting for the right moment to pounce. With a double bottom formation making an appearance and the neckline resistance hovering around $150 (just a stone’s throw from the 200-day EMA), things are looking pretty promising for XMR enthusiasts.

At the time of this mise en scène, XMR is trading at $133.56, taking a minor dip of 1.89% - nothing to start biting your nails over. It's like that neutral face emoji we always use 😐, showing monthly returns of 16.20% and a yearly return ratio of 13.20%. And if you're wondering about its family ties, the XMR and BTC pair is sitting cozily at 0.00217 BTC, with a market cap of $2.47 Billion. Analysts, ever the pragmatists, suggest that Monero’s price might just gather enough steam to punch through the $150 barrier soon enough.

Now, let’s pivot to the recent shutdown drama with LocalMonero – the P2P trading platform that decided to bid us all adieu in a rather dramatic fashion. They’ve stopped new sign-ups and order postings faster than you can say "privacy". While the platform has about six months to complete the transition, XMR prices have been showing some love with a 17% surge over the past 10 trading sessions. Talk about turning lemons into a very profitable lemonade!

In other intriguing updates, the price action hints at sneaky accumulation by the bulls. Since the beginning of the month, XMR has been on what can only be described as a recovery so grand, it deserves its own theme music. This crypto superstar is nearing the 200-day EMA mark. The bearish parade, with its lower lows, is kissing the bullish turnaround goodbye. The Monero price crossing the 100-day EMA mark has highlighted this buyer’s market as sharp rises in intraday trading volume hit $40.70 Million. And let's not forget the Relative Strength Index (RSI) curve staying near 55, like a well-behaved kid in the middle of a classroom, hinting at a positive divergence.

As the crypto calendar pages flip, we’ve noticed a hike in transaction counts as bars head north on chart trends. From last month’s humble 22k to the present soaring 37k, XMR transaction counts are going to the moon (well, almost). And in futures data because hey, why not? Sellers have been smartly cutting down their positions, seeing a 2.82% reduction in open interest. Immediate support levels for XMR are pegged at $128 and $120, with upside hurdles at $140 and the magical $150 level.

All said and done, Monero (XMR) is gearing up for what could be a trendline breakout. So, if you’re a Monero hodler, get those popcorns ready; the show might be about to begin.

Price recovery and buyer accumulation

Price action hints buyer accumulation

It’s been a roller coaster ride for Monero (XMR) lately, but it seems like the bulls have finally decided to take control of the wheel. Since the beginning of this month, XMR has been on a recovery track, like a cat with nine lives in a currency market maze of ups and downs. The crypto asset, much like your morning coffee froth, has been bubbling close to crossing the 200-day EMA mark and is inching near the coveted $150 mark. The last sessions witnessed XMR decisively regaining momentum, with the formation of a double bottom driving some optimism into the market. Its 100-day EMA mark was crossed with the grace of a gymnast, showcasing the vibrant buying frenzy.

The exhibited price recovery, spiced with a surge in trading volume, hints at some serious investor speculation. Intraday trading volume has bumped up over 23.89%, bringing the numbers to $40.70 million. Tackling the Momentum indicator (Relative Strength Index), the RSI curve kept it laid-back near 55, showing off positive divergence like it’s the boss of trend reversals. So, if you’re the kind to hedge bets, this could be your cue for being bullish.

Surge in transaction count

If you need any more signs that Monero has got its groove back, take a gander at the transaction count. The charts painted a pretty picture of consistent incremental growth. Last month, Monero’s transaction count was chilling around the 22k mark, which then surged to 37k. This noteworthy upswing underscores the fresh wave of interest the crypto is riding. The uptrend in transaction bars is akin to a visual metaphor for Monero’s fiery comeback rendition, igniting a sense of bullish sentiment among traders and investors alike.

This growth in transaction count isn’t just some random blip. It suggests a combined effort of buyer accumulation, P2P transactions, and ramped-up activities within the network. Every uptick in transaction count is like another log on the bullish fire that's propelling Monero towards that key $150 mark.

Futures data highlights short covering

This week, the sellers are apparently as nervous as a long-tailed cat in a room full of rocking chairs. The futures data reveals that sellers have been covering their positions faster than you could say "short squeeze." A reduction of over 2.82% in open interest (OI) was noted, hinting at a drop in bearish pressure. This short covering adds an extra layer of confidence to the bull run hypothesis. Where previously you’d see hesitant buyers, there are now eager beavers jumping into trades, spurred on by lower short interest and a whiff of opportunity.

The immediate support levels for XMR are identified at $128 and $120, while crucial upside resistance sits around $140, followed by the elusive $150. The drop in open interest is like the market’s way of lighting a signal flare, shouting out that bullish conditions are on the horizon, and everyone’s invited to this green party.

LocalMonero shutdown impact

In an interesting twist, the LocalMonero shutdown has served as a somewhat aberrant catalyst for Monero’s (XMR) recent crypto price activity. LocalMonero, the beloved peer-to-peer trading platform, announced that it has ceased all new sign-ups and order posting activities. Fear not, existing users; the platform has assured that it will take about six months to fully wind down operations, and support will be available throughout this period.

Here’s where things get intriguing: in the aftermath of the shutdown announcement, Monero prices took an upward stride, appreciating over 17% in just the last 10 trading sessions. It seems like some traders treat market limitations like a “buy now before it’s too late” sale. Essentially, this move suggests some pent-up demand or perhaps users looking to hold onto their XMR amidst the changing landscape.

LocalMonero’s exit is a stark reminder that even elements outside of straightforward market mechanics, like platform shutdowns, can influence price movements. Whether motivated by nostalgia, fear of scarcity, or genuine faith in Monero’s ethos of privacy, this reaction underscores the multifaceted nature of crypto trading and investment psychology.

Monero (XMR) backed gains: Can bulls reach $150 mark this week?

The Monero (XMR) crypto price rebounded from the round mark of $100. Buyers have started accumulating and looking to reach the $150 mark ahead. XMR decisively retained gains from the primary support mark of $100 and gained momentum in the past sessions. The XMR crypto has sustained gains near the 100-day EMA mark. Additionally, a double bottom formation was noted, which has the neckline hurdle around $150, close to the 200-day EMA mark. If bulls succeed in splitting the range, a much-awaited bull rally can be seen ahead. At press time, XMR traded at $133.56 with an intraday drop of 1.89%, reflecting neutrality. It has a monthly return ratio of 16.20% and a yearly return ratio of 13.20%. The pair of XMR and BTC is at 0.00217 BTC, and the market cap is $2.47 Billion. Analysts are neutral and suggest that the XMR price may glimpse bullish momentum ahead and will soon cross the upside mark of $150.

XMR gained pace amidst the LocalMonero shutdown: Here’s a look

Last week, LocalMonero, a peer-to-peer trading platform, said in a statement that it has disabled all new sign-ups and order posting activity. However, it will take around six months to finish the entire procedure. Hey everyone, after almost 7 years of operation, we have made the difficult decision to close our platform. The winding-down process begins today and finishes 6 months from now. Our support will be available for help throughout this period. Amidst this statement, the Monero (XMR) price noted an uptick and surged over 17% in the last 10 trading sessions. Since the beginning of this month, the Monero (XMR) price has been on a recovery track and has retained momentum. The XMR crypto is close to crossing the 200-day EMA mark and exists near the $150 mark. For weeks, the crypto asset persisted in delivering the lower low sequences, but signs of trend reversal were witnessed, and a fresh bull wave was noticed. Source: TradingView The Monero (XMR) price has crossed the 100-day EMA mark, highlighting the buying momentum in the last sessions. Going forward, price recovery with a spurt in trading volume indicates investor speculation. The intraday trading volume rose over 23.89% to $40.70 Million. The Momentum indicator (Relative Strength Index) curve retained the midline region, stood near 55, and showcased a positive divergence. Surge In Transaction Count As the month passed, the transaction count bars on the charts displayed a consistent incremental move. Last month, the value was nearly 22k, which soared to 37k, highlighting a significant increase in the transaction count over the last few sessions. Source: Messari Futures Data Highlights Short Covering This week, the sellers have covered their positions and a cut over 2.82% in the open interest (OI) was noted. Source:coinglass The immediate support levels for XMR are $128 and $120, while the key upside hurdle is around $140, followed by $150.

Conclusion

The Monero (XMR) coin may soon replicate a trendline breakout and surpass the round mark of $150. Moreover, fresh volume buying was noted, and buyers are eager to enter the trade.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.