• Monero’s price has been rallying over the past week as the broader market recovered.
• Over the last 24 hours, XMR was consolidating despite its weekly gains, with the technical outlook continuing to side with the bulls.
• Monero is currently trading at 70% below its all-time high of 2021.
The past week has been a bullish one for the Monero (XMR) price as the broader market has seen a recovery. After a few days of lateral trading, the XMR price started to dip on its chart. Despite this, the technical outlook of the coin remains bullish, with accumulation remaining high. Monero is currently trading at 70% below its all-time high of 2021, which was secured earlier this year.
Over the last 24 hours, XMR has been consolidating despite its weekly gains. This means that the coin has been trading sideways with no significant changes in its price. Despite this, the technical outlook of the coin continues to side with the bulls. Despite a downtick in demand over the last trading sessions, accumulation remains high. The altcoin can prevent considerable loss if Monero stays above its immediate support line.
At the current price, the Monero market capitalization has experienced a slight decrease, indicating that the coin has encountered some selling pressure over the past few sessions. If the coin can stay above its support line, then it can potentially resume its upward price movement. As momentum has halted recently, it is still uncertain whether XMR will continue to increase or not.
Overall, the Monero price has experienced a rally over the past week, despite a recent dip in the coin’s value. The technical outlook of the coin continues to side with the bulls, with accumulation remaining high. If the coin can stay above its support line, then there is a good chance that the coin will resume its upward price movement. Only time will tell if the coin can continue to increase or not.