- Monero (XMR) lays its 13th consecutive green candle on the charts.
- Notably, XMR attained its 4-month high of $168, jumping 28% from $131.
The altcoin rebound season continues to highlight the bullish rallies of several cryptocurrencies. Monero (XMR) succeeded in sustaining its uptrend constantly over the past 13 days, almost soaring 28%.
From June 15, XMR began laying down bullish green candles consecutively. The coin’s bullish stride has seemingly picked up a constant momentum to the upside. Consequently, during the intraday trading, Monero (XMR) hit its 4-month high of $168.
Will Monero (XMR) Sustain the Rally?
Alongside the price rally, the daily trading volume of XMR remarkably surged 165% over the past 9 days, from $38 million to $102 million, as per Santiment data. Let us decode the price movement of this altcoin ahead.
The above daily XMR price chart clearly shows the movement of the current price action above both the 50-day moving average (50 SMA) and the 200-day moving average (200 SMA). Furthermore, a death cross—a point where the long-term 200SMA crossed above the short-term 50SMA— was spotted on the chart. But the current bullish rally outweighed the bearish pressure of the death cross. Thus, Monero’s bullish market momentum aligns with the traders’ expectations.
As per TradingView, at the time of analysis, the daily RSI of XMR hovered above 77, confirming its overbought condition. While the average directional index (ADX) reading at 36.96 highlights the strong trend.
Impact of Binance’s Delisting Plan on XMR
In late May, crypto exchange Binance announced its plan to delist 12 privacy coins, including Monero (XMR), Zcash (ZEC), Dash (DASH), and Decred (DCR), on June 26 in Europe. It’s worth noting that privacy coins are cryptocurrencies whose transactions are recorded anonymously on private blockchains. This announcement and the SEC crypto crackdown led XMR prices to drop gradually.
But due to the community’s feedback, the exchange canceled the suspension of XMR and other privacy tokens on Monday. As a result, the altcoin’s bullish rebound accelerated. At press time, according to CMC, Monero (XMR) traded at $167.49 after an uptick of 2.54% in the last 24 hours. Currently, $180 is expected as the short-term target if the bullish rally is sustained further.
Disclaimer: The views expressed in this article are for informational purposes only and do not necessarily reflect the opinions of TheNewsCrypto. The content provided should not be interpreted as investment advice.
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