• Monero (XMR) has seen a price rally over the last week since the broader market recovered.
• XMR was consolidating despite its weekly gains, but recent momentum halted and it is uncertain whether XMR will resume its upward price movement.
• Technical outlook of the coin continues to remain bullish, but the coin has encountered selling in the past trading sessions and is currently trading 70% lower than its all-time high.
The cryptocurrency market has seen a significant recovery over the past week and Monero (XMR) is no exception. The asset has seen a price rally and is currently trading at $166 at the time of writing. Over the last 24 hours, XMR was consolidating, but a halt in momentum has caused the coin to dip on its chart.
Despite the recent fall in the asset’s value, the technical outlook of the coin continues to remain bullish. The coin has managed to cross various resistance lines and secure gains, and it has also flipped the $157 resistance line into a support zone for itself. XMR is trading on an ascending trendline, which is typically characterized by a breakout either on the upside or the downside. The coin has diverted from the trendline over the last 24 hours and fallen on its chart.
Accumulation remains high on the chart, despite a downtick in demand over the last trading sessions. Monero has also displayed overbuying tendencies, and the recent fall in the asset’s value could be tied to a price correction. The market capitalization of Monero declined slightly, indicating that the coin has encountered selling in the past trading sessions. Despite the downturn, if Monero stays above its immediate support line, it can prevent considerable loss.
At the current price, the coin is trading at 70% lower than its all-time high secured in 2021. As the market continues to remain volatile, XMR investors will be keeping a close eye on the asset’s performance. If the coin is able to hold the support line and resume its upward price movement, the XMR price could surge and hit its all-time high again.