If there has been one cryptocurrency that has taken the market by surprise in the past 24 hours, it is monero [XMR].
In a market where top coins including: Bitcoin [BTC] and Ethereum [ETH], have fallen in price, XMR has risen. At the time of writing, the private cryptocurrency was up 7.84% per CoinMarketCap.
The rise may not be as shocking as many had intended, especially after the big drop to $138.93 on July 23. Over the past seven days, the cumulative price increase was 3.89%.
At the time of writing, XMR was trading at $153.21. The question is: was it to be expected? A look at the charts for this run would tell.
The journey of surprises
The potential of a sustainable uptrend has shown probable signs since July 14, especially considering that the 20-period EMA (blue) crossed the 50-period EMA (yellow) at that time. The price is expected to start rising on the same day. It went from $124 and traded at $145 on July 18.
However, the first major dip occurred on July 23, after it fell from $153.18 to $142.99. Still, the 20 EMA remained above the 50 EMA, indicating that the price uptrend was not over. At press time, it remained the same. So, some XMR traders may have been expecting an uptick in the past 24 hours.
Similarly, the Relative Strength Index (RSI) had a similar pattern, rising to a solid buy level of 59.59 at the time of writing. Despite the price moves, XMR traders may want to look out for some spots which could result in a turnaround.
The recent run may justify its excellent though position to buy XMR sooner.
The current trend showed that the 50 EMA could soon catch up with the 20 EMA. In a similar vein, the momentum revealed by the RSI showed that buying pressure may not maintain its level as XMR appears to be overbought. At this point, the XMR green trend may not hold up for the next few days.
So what’s the next step in charts?
On-chain stats may have different opinions, even with a possible reversal of the uptick. Dates from Holiness showed that the 24-hour volume was up – up 58.3% to $156,454,185.
Interestingly, an increase in market capitalization was not in line with social volume metrics. It only rose to 0.633%, indicating that the XMR rate could decline.
This post Monero is riding against the tide – investors need to watch these levels
was published first on https://ambcrypto.com/monero-is-riding-against-tide-investors-should-watch-these-levels/