Positive Sentiment Expected to Persist in Monero (XMR) as Prices Surge by 0.94%

• The bull run in the Monero market is expected to continue, according to technical indicators
• Bulls in XMR need to keep pushing prices higher to maintain the current uptrend
• The intraday peak of $147.91 presents resistance for the bulls

Bulls gained control of the Monero (XMR) market after establishing support around $144.24, driving prices higher throughout the day. As of press time, the bulls had succeeded in raising the price to $147.52, a 0.94% rise.

Market capitalization for Monero (XMR) has increased by 0.80% to $2,688,677,477, while the 24-hour trading volume has increased by 13.83% to $63,496,434, both of which point to rising market volatility.

As a green engulfing candlestick appears on the XMR price chart, investors may expect the market’s upward momentum to continue. The ROC curve is sloping upward toward the 2.00 mark, indicating that this hypothesis is valid. The higher it is pointed, the more certain investors may be that the price will continue to rise.

The Technical Ratings indicator has given a “strong buy signal,” indicating that the uptrend in XMR is likely to continue. With a rating of 0.51, the technical ratings have moved into the positive zone, lending credence to the bullish assumption underlying the Monero market.

However, the stochastic RSI is now in the overbought range (94.14), which is causing concern among traders since it indicates a possible reversal. Stochastic RSI readings over 80 indicate that the market may have seen its peak in the current trend and should caution traders.

Bollinger Bands are broadening and heading higher, indicating more market volatility in the 4-hour price chart. Evidence of a bullish outlook is provided by the Bollinger Bands’ upper limit of 147.9 and lower limit of 142.6. Price action that’s close to breaking above the top band provides more support for this bullish trend.

If the market’s positive trend is to resume, bulls must work to keep prices above the resistance level.

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