How Is Monero (XRM) Maintaining Optimism Amidst Widespread Weakness?


You undoubtedly wonder why some individuals HODLing XMR have been joyous over the past seven days. Well, beware that Monero saw significant growth within the week. While publishing this content, the price charts highlighted a bullish divergence, suggesting an on-setting bullish run.

As privacy-concentrated crypto, XRM uses its cryptographic technologies to enable users to execute anonymous transfers. That ensures privacy for transactions completed via the Monero token. What did the decentralized and private crypto show within the past week as far as performance is concerned?

The alternative crypto recorded notable upticks within the past week, trading around $172.77 at this publication. With its $180 intraday peak on May 21, the alternative token seemed to mark upticks in new value areas.

XMR token noted a 13% price increase within the past week. Though 67% down from its $517 all-time high, the alternative token seems ready for an optimistic surge. Enthusiasts can expect further uptrends in the coming sessions.

Evaluating price charts confirmed surged buying momentum for Monero on May 20 and May 21, translating to a bullish bias. The Moving Average Convergence Divergence also hovered beneath its histogram bars as the MACD line intersected with the trend line to the upside.

Besides that, the Relative Strength Index maintained an upside curve at 45 at this publication, confirming ongoing buys within the marketplace.

MXR’s market cap also presented similar projections. While publishing this content, the index hovered at $3.13 billion, growing from $2.77 billion within a week.

Wait Abit,

Revealing a generally optimistic picture in this publication, assessing XMR’s trading volume for the stated period highlights a noteworthy reading. From 190.26 million on May 15, the token’s trading volume incurred a stable fall until May 20, when it hit the $234.02 million on May 20. However, a decline followed, and the metric stood near 149 million at this publication.

Monero saw price increases between May 15 and May 20. The trading volume decline might be due to reduced selling undertakings by investors, propelling the token higher.

On-Chain Front

Evaluating on-chain data confirmed a drop in the development activity over the time under review. The metric noted an 18% fall over the past seven days.

XMR’s social dominance remained inside 320 – 350 as it attempted an uptick on May 20. The May 20 sessions saw a 387 high before reversals towards 218 (at this publication). Also, sessions before May 20 had the social volume oscillating inside 0.3% – $0.4% before hitting the 0.5% high on May 20. While publishing this content, it hovered at 0.321%.