Despite Shrinked Volume, Monero (XMR) Price Creating New Intraday Highs

Monero (XMR) Price Faces Brutal Bear Pressure Breaking Key Support levels
  • In the previous seven days, the price of an XMR token has risen by 13%.
  • The token is still 67 percent below its all-time high of $517.

The XMR token has seen a considerable increase in value over the previous seven days. According to the price charts at press time, the Bull Run is just getting started and is likely to continue for some time.

Completely Anonymous Feature

Through cryptographic methods, Monero (XMR) enables its users to carry out anonymous transactions as a cryptocurrency focused on privacy. This ensures that any transactions made using the XMR token are completely anonymous.

XMR/USDT: Source: TradingView

The coin, which was trading at $180.31 at the time of this writing, has seen significant gains in the previous week. When the token hit an intraday high of $180 on May 21, it looked to be breaking new ground. In the previous seven days, the price of an XMR token has risen by 13%. Even while the token is still 67 percent below its all-time high of $517, it looks to be on the verge of a breakout.

The positive trend can be seen in the price charts, which show a rise in purchasing pressure. Additionally, the MACD can be seen below the histogram bars, with the MACD line crossing the trend line upward. The Relative Strength Index (RSI) was trading at an upwards curve of 45, indicating that the market was in a mood to purchase.

On May 15, the token’s trading volume was at 190.26 million, but by May 20, it had fallen to 149 million before rising again. There was a significant increase in the token price between May 15 and May 20, which may have been related to a reduction in selling activity by investors.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.