Monero can be one of the lucrative cryptos for investors interested in riding recovery waves following the crypto crash of May. The alternative token recorded an impressive jump as most assets struggled to rebound. Furthermore, XMR maintains an attractive stance for this week, as some upticks allowed it to retrain the latest gains.
Monero surged nearly 75% from the May 12 local low. The remarkable upside move seems to have seen hindrance at 0.236 FIB line, peaking near $208. The resistance led to a brief correction as the previous week ended.
Fortunately, bulls stepped up during the past weekend, triggering recoveries from XMR’s $173.35 weekly low on Saturday. The altcoin saw double-digit surges within the past few days. While publishing this blog, Monero traded at $203.57, gaining 4.95% within the previous day.
Profit-booking contributed to XMR’s slump from $200 before the token surged. The Money Flow Index confirmed that as it recorded outflows, slightly pushing the Relative Strength Index beneath the neutral mark before a swift revival. The outflows seem to taper out due to re-accumulation over the weekend.
Can XMR Bulls Keep Current Upside Charge?
Monero’s social volumes and social dominance remain at healthy levels, explaining the current attractive performance by the alt. Stable social engagement shows XMR boasts an impressive number of socially active communities or traders. Nevertheless, these metrics saw a brief decline within the past day, presumably because of a change of social interest in BTC’s rally over the weekend.
Nevertheless, XMR maintained an upswing despite the social metrics appearing to fade. Also, whale supply noted a substantial plunge to 47.09% from 47.32% within the past 24hrs. The price kept uptrends despite that, confirming retail traders absorbed the shock. That matched the Binance funding rate index surge within the past 24 hours, indicating interest within the derivatives marketplace.
Monero will hardly keep the bullish thrust with whales selling. Nevertheless, the global market capitalization uptick within the past three days shows bulls might be around for a while. That might mean more surges for XMR in the coming days.
What are your thoughts about Monero’s performance? You can comment below.