Monero (XMR) is making headlines with its impressive price surge, trading at $175.01, up 1.47% over the past 24 hours. This recent uptick is part of a broader bullish trend, as Monero’s price has been on a steady climb from a low of approximately $172.55. This consistent pattern of higher highs and higher lows signals robust short-term bullish momentum.
Key Support And Resistance Levels
The immediate support level for Monero stands at $172.50. This threshold has historically provided a stable base for the price before recent gains. A deeper support level is found at $171, which has also previously facilitated price rebounds. On the flip side, Monero is currently testing the $175 resistance level. Surpassing this could pave the way for further gains, potentially reaching the $176-$177 range if the current upward trend continues.
Volume and Derivative Market Insights
Volume data reinforces the bullish sentiment surrounding Monero. Trading volume has surged by 12.53% in the past 24 hours, indicating growing market interest. This uptick in volume is a positive sign supporting the price movement. Derivative market data further underscores this trend. Coinglass data reveals a 35.21% increase in Monero derivatives volume to $33.77 million, with open interest rising by 6.26% to $14.02 million. The 24-hour long/short ratio is at 1.1137, suggesting a slightly bullish stance among traders.
On Binance, the XMR/USDT long/short ratio is 0.6581, indicating a predominance of short positions. The top trader long/short ratio stands at 0.6838, with positions at 0.6861, reflecting a cautious optimism among traders.
Liquidation Trends and Technical Indicators
Recent liquidation data reveals that shorts are bearing more significant losses compared to longs. Over the past hour, liquidations totaled $1.96K, escalating to $71.12K over the last 24 hours. This trend highlights the mounting pressure on short positions.
Also Read: Monero Meltdown: Binance Delisting Sends Privacy Coin’s Price Plummeting
Technical indicators offer a mixed perspective. The 1-week Relative Strength Index (RSI) for Monero is at 60.21, suggesting it might be nearing overbought conditions, though not yet in a critical zone. Meanwhile, the 1-week Moving Average Convergence Divergence (MACD) is trading above the signal line, affirming positive momentum.
Monero’s recent performance illustrates a strong bullish trend, supported by increasing trading volume and positive derivative market activity. While technical indicators suggest caution, the cryptocurrency’s current momentum and resistance testing points to a potentially promising short-term outlook. As always, investors should stay informed and consider market trends before making investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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