Hello everyone, I am Penny.
Monero [XMR] has risen 82% since April 7. Its trading volume has remained high over the past year.
Given its previous all-time high of $542, which is only 60% higher than now, the likelihood of reaching a new historical high later this year is quite high.
XMR is showing strong bullish momentum.
The weekly chart shows that the asset broke out of a years-long consolidation phase in December. The $183 level, which has been a strong resistance since mid-2022, has turned into a support level.
As of April, this support level has been retested multiple times.
The Fibonacci retracement levels drawn from the declines of 2021-22 show that the 61.8% retracement level is at $246. Earlier this year, this level was tested as a resistance but failed to break through.
Over the past year, high trading volume trends have accompanied Monero's breakouts, consolidations, and the rebound in May of this year.
This is good news for long-term investors as it indicates increased demand and confidence.
The weekly chart paints a strong bullish picture. This may be a bit late for FOMO, but XMR seems ready to climb to a new all-time high.
In the coming weeks, the 23.6% and 61.8% extension levels ($396.8 and $489.5) will become the next targets.
On the daily chart, Monero maintains its bullish enthusiasm. CMF is +0.12, indicating a significant inflow of funds.
Trading volume has rebounded since April, and the rising 20-period moving average of the volume histogram is proof of this.
Within a 1-day time frame, MFI has not issued a signal of market overextension. Therefore, strong upward momentum may push XMR slightly higher.
Since April 9, Bitcoin has been trading within a short-term range.
During this period, Monero successfully rose by 13.7%. This return is comparable to Ethereum [ETH]. Monero's relative strength against BTC and ETH again suggests bullish momentum.
Holders can wait for prices to rise to $400 and $500 for further profits.
Are you still unsure about which coins to buy?
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Let's traverse the bull and bear markets together, huddling for warmth, striving to be a rough-hewn leek.