Monero is trying hard to maintain its momentum and move forward. However, the first step is to overcome any obstacles. Like other tokens.
The token is trying hard to keep up the upward tilt. Remarkably, XMR price is trying hard to recover and keep up with the pace but it seems XMR is doing a great job as it’s currently on the green and winging it.
The daily price chart shows that XMR’s price has been rising. Monero continues to make strides, as it is close to the channel’s top trendline. The current price pace is necessary for XMR’s rebound or to pass the target resistance.
Monero (XMR) Price Surges 4.33%
To shoot hoops at a bullish speed and reach the ascending parallel channel of XMR, the XMR bears have to continue their upward motion. It seems that the bears want to weaken XMR.
It is difficult for XMR or other cryptocurrencies, which are in a weak market to make a recovery. XMR investors should not panic until bulls are able to maneuver and keep the position at the trendline in ascending parallel channels.
CoinMarketCap reports that Monero is trading at $167.68, a rise of 4.33% according to CoinMarketCap. As shown in the intraday session, trading volume dropped by 6.88%. Bears attempt to pull the token towards the ascending trendline at press time.
Bulls’ Accumulation Pivotal For XMR Price Rally
To move quickly towards the trendline, XMR would require more buyers. But, the volume change also indicates that boosting the bulls’ accumulation is pivotal for XMR price to surge. To show significant improvement on the daily chart of XMR, XMR prices must reach the upper trendline.
Daily price charts for XMR show a growing parallel channel. More so, the technical indicators for Monero show the token’s downward trend in terms of momentum. XMR is also showing a decline at RSI 58, which shows that it’s close to a neutral area.
MACD shows the downward movement in XMR after it passes under the signal line. This is due to a failed crossover. XMR investors should therefore wait to see if there are any significant changes in the daily chart.
Source: TradingView.com| Source: TradingView.com Featured image taken from TradingView.com's The Market Periodical Chart