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- Monero (XMR) records its 13th consecutive bullish candle.
- XMR reaches a four-month high of $168, up 28% from $131.
The altcoin rebound season continues to highlight the bullish rallies of several cryptocurrencies. Monero (XMR) has maintained its uptrend steadily over the past 13 days, gaining nearly 28%.
Starting on June 15, XMR began posting consecutive bullish green candles. The coin’s upward momentum has remained consistent. Consequently, during intraday trading, Monero (XMR) hit a four-month high of $168.
Will Monero (XMR) Sustain the Rally?
Alongside the price rally, the daily trading volume of XMR surged 165% over the past nine days, rising from $38 million to $102 million, according to Santiment data. Let us analyze the price movement of this altcoin.
Monero (XMR) Price Chart (Source: TradingView)
The daily XMR price chart clearly shows current price action trading above both the 50-day moving average (50 SMA) and the 200-day moving average (200 SMA). Furthermore, a death cross—where the long-term 200 SMA crossed above the short-term 50 SMA—was identified on the chart. However, the current bullish rally has outweighed the bearish pressure of the death cross. Thus, Monero’s bullish market momentum aligns with traders’ expectations.
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XMR/USDT Price Analysis — RSI, ADX (Source: TradingView)
According to TradingView, at the time of analysis, the daily RSI of XMR hovered above 77, confirming an overbought condition. Meanwhile, the Average Directional Index (ADX) reading of 36.96 indicates a strong trend.
Impact of Binance’s Delisting Plan on XMR
In late May, crypto exchange Binance announced its plan to delist 12 privacy coins, including Monero (XMR), Zcash (ZEC), Dash (DASH), and Decred (DCR), on June 26 in Europe. Privacy coins are cryptocurrencies whose transactions are recorded anonymously on private blockchains. This announcement, combined with the SEC’s crypto crackdown, led to a gradual decline in XMR prices.
However, following community feedback, the exchange canceled the suspension of XMR and other privacy tokens on Monday. As a result, the altcoin’s bullish rebound accelerated. At press time, according to CoinMarketCap, Monero (XMR) traded at $167.49, up 2.54% in the last 24 hours.
Disclaimer: The views expressed in this article are for informational purposes only and do not necessarily reflect the opinions of TheNewsCrypto. The content provided should not be interpreted as investment advice.
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