- Monero’s price has risen over the last 2 months
- Greater long term investments and low liquidations resulting in market stability
Monero, the market’s leading privacy-centric cryptocurrency, hasn’t moved much on the charts over the last 7 days. According to CoinMarketCap though, XMR fell by over 3% in the last 24 hours.
At press time, the altcoin was trading at a value of $171, with its trading volume spiking by over 7.60% in the last 24 hours.
Looking at the big picture, it would seem that the altcoin has been attempting to test its nearest resistance level on the charts.
Source: XMR/USDT, TradingView
Bullish metrics are signs of…?
Consider this – Over the last two months, the crypto has appreciated by over 70% on the price front. Owing to the same, the altcoin is now trading close to the $170-level. What this means is that there has been a sustained uptrend on the charts – A sign of the market’s bullishness.
In fact, at the time of writing, the market seemed to flash a reversal pattern with a hammer at the bottom of the prevailing market trend, indicating a bullish rejection by the buyers. This could prove to be useful on the back of the market’s depreciation over the last 24 hours.
Source: Coinglass
That’s not all either, with several metrics supporting the likelihood of a possible reversal in fortunes.
According to Coinglass, for instance, XMR’s weighted funding rate revealed sustained moderate sentiment – A sign of market stability. The primary inference that can be gleaned from this finding is that the conditions are conducive to another uptrend gathering steam on the charts.
Source: Coinglass
Additionally, it’s worth looking at XMR’s liquidation levels, both at long and short positions. The same revealed that the market seemed to be at an indecisive level.
Moderate liquidations for both long holders and small investors at a loss are signs of a stable market. For example – The last 24 hrs recorded liquidations of $2.39k at long positions and $1.89k at short positions.
Equally, the CMF’s reading of 0.14 revealed the presence of buying pressure, implying higher accumulation rates in the upper range.
Source: XMR/USD, TradingView
What’s next for XMR?
Various indicators pointed to a sustained uptrend over the last 2 months. Based on various metrics, the price has been on a bullish trend too.
Coupled with the buying pressure across the privacy coin’s market, one can expect Monero to test and even breach its immediate resistance levels on the charts.
