Monero [XMR] hits new heights amid market lull, here’s why

• XMR has seen increased buying in the last month.
• This has pushed its price to a one-month high.

While the general market traded sideways in the last week, Monero [XMR] witnessed a price rally that caused the privacy coin to exchange hands at a one-month high. 

Read Monero [XMR] Price Prediction 2023-24

Trading at $165.35 at press time, XMR’s value jumped by 7% in the last 30 days. On a year-to-date, XMR’s price has gone up by double digits, per data from CoinMarketCap.

Who runs the world? XMR buyers

Increased XMR accumulation in the past two weeks launched the coin into a new bull cycle on 12 March, since which its price has grown by 17%.

With the Moving average convergence/divergence (MACD) line facing north and resting on the trend line, the bull cycle was underway at the time of writing and was poised to continue. 

The Aroon Up Line (orange), in an uptrend at 100%, lent credence to the strength of the current bullish trend in the XMR market. When an asset’s Aroon Up line is close to 100, the uptrend is strong, and the most recent high was reached relatively recently.

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Conversely, XMR’s Aroon Down Line was pegged at 21.43% at press time. Generally, when a coin’s Aroon Down line is close to zero, the downtrend is weak, and the most recent low was reached long ago.

Further, an assessment of the alt’s price movements on a daily chart showed the short-term 50-day SMA resting above the long-term 200-day SMA.

This golden cross is generally considered an indication of an upward trend. Moreso, XMR’s price traded above the moving averages at press time, which is also read as a bullish signal. 

As expected, the surge in XMR accumulation placed the buyers in control of the market at press time. As a result, the Positive Directional Index (green) at 21.76 was solidly positioned above the Negative Directional Index (red) at 15.09.

This suggested that buyers’ strength exceeded the sellers’ in the current XMR market.

Source: XMR/USDT, TradingView

Interestingly, despite the unwavering price growth in the last month, some traders remained cautious and chose to bet against any further rally in XMR’s price, on-chain data revealed.

According to Coinglass, XMR’s funding rates have been mostly negative for most of March. 

Source: Coinglass

However, these traders have been plunged into losses as the alt’s price increases. A look at XMR liquidation data showed that the last two weeks have been marked mostly by short liquidations. 

Source: Coinglass