Monero

Momentum

Pace

<ul class="list-ic vertical">
 <li><span>1</span> <a>The Monero (XMR) crypto price rebounded from the round mark of $100.</a></li>
 <li><span>2</span> <a>Buyers have started accumulating and looking to reach the $150 mark ahead.</a></li>
</ul>
<p><strong>XMR </strong>decisively retained gains from the primary support mark of $100 and gained momentum in the past sessions. The XMR crypto has sustained gains near the 100-day EMA mark.</p>
<p>Additionally, a <strong>double bottom formation</strong> was noted, which has the neckline hurdle around $150, close to the 200-day EMA mark. If bulls succeed in splitting the range, a much-awaited bull rally can be seen ahead.</p>
<p>At press time, <strong>XMR </strong>traded at $133.56 with an intraday drop of 1.89%, reflecting neutrality. It has a monthly return ratio of 16.20% and a yearly return ratio of 13.20%.</p>
<p>The pair of XMR and BTC is at 0.00217 BTC, and the market cap is $2.47 Billion. Analysts are neutral and suggest that the <strong>XMR price</strong> may glimpse bullish momentum ahead and will soon cross the upside mark of $150.</p>
<h2 class="wp-block-heading" id="strong-xmr-gained-pace-amidst-the-localmonero-shutdown-here-s-a-look-strong"><strong>XMR Gained Pace Amidst the LocalMonero Shutdown: Here’s a look:</strong></h2>
<p>Last week, <strong>LocalMonero</strong>, a peer-to-peer trading platform, said in a statement that- it has disabled all new sign-ups and order posting activity. However, it will take around six months to finish the entire procedure.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Hey everyone,<br><br>After almost 7 years of operation, we have made the difficult decision to close our platform.<br><br>The winding-down process begins today, and finishes 6 months from now. Our support will be available for help throughout this period.<br><br>Read more:<a href="https://t.co/66gqe5HFpc" rel="noopener noreferrer nofollow">https://t.co/66gqe5HFpc</a></p>— LocalMonero (@LocalMoneroCo) <a href="https://twitter.com/LocalMoneroCo/status/1787919500047720843?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 7, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p>Amidst this statement, the <strong>Monero (XMR) price</strong> noted an uptick and surged over 17% in the last 10 trading sessions.</p>
<h3 class="wp-block-heading" id="strong-price-action-hints-buyer-accumulation-strong"><strong>Price Action Hints Buyer Accumulation</strong></h3>
<p>Since the beginning of this month, the <strong><a href="https://www.thecoinrepublic.com/2023/09/18/monero-xmr-price-prediction-will-xmr-escape-range-above-150/" target="_blank" rel="noopener noreferrer nofollow">Monero (XMR)</a> price</strong> has been on a recovery track and has retained momentum. The <strong>XMR crypto</strong> is close to crossing the 200-day EMA mark and exists near the $150 mark.</p>
<p>For weeks, the crypto asset persisted in delivering the <strong>lower low sequences,</strong> but signs of <strong>trend reversal </strong>were witnessed, and a fresh bull wave was noticed.</p> 
<p><a href="https://www.tradingview.com/chart/XMRUSDT/RSxvb9Qj-XMR-Price/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow"></a></p> 
<p class="has-text-align-center">Source: TradingView</p>
<p>The Monero (XMR) price has crossed the 100-day EMA mark, highlighting the buying momentum in the last sessions.&nbsp;Going forward, price recovery with a spurt in trading volume indicates investor speculation. The intraday trading volume rose over 23.89% to $40.70 Million.</p>
<p>The Momentum indicator (Relative Strength Index) curve retained the midline region, stood near 55, and showcased a positive divergence.</p>
<h3 class="wp-block-heading" id="strong-surge-in-transaction-count-strong"><strong>Surge In Transaction Count</strong></h3>
<p>As the month passed, the transaction count bars on the charts displayed a consistent incremental move.&nbsp;</p>
<p>Last month, the value was nearly 22k, which soared to 37k, highlighting a significant increase in the transaction count over the last few sessions.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/bidPOEeolvuWeEIvH-FS6Z1TGMwHOGBnkwO1leGqZiSXYqfUf7epBPNDK3bh0rFHpHKT6VLJSSnDWn1_LjRsl1IwY_Ptfz4R7KrFa0ZBR-wRYLRvGltSClgq97wGNgYpkZK-43VrpGANYppCggWLF4Q" alt="">
 </figure>
</div>
<p class="has-text-align-center">Source: Messari</p>
<h3 class="wp-block-heading" id="strong-futures-data-highlights-short-covering-strong"><strong>Futures Data Highlights Short Covering</strong></h3>
<p>This week, the sellers have covered their positions and a cut over 2.82% in the open interest (OI) was noted.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/sdBIQtredm7NXYwdeSuAFmHPTtAaVHpzi9-BoxBw7Nuj_v3AO5N_u_uHWTxhquYUZiilegqy6qoVJOpdXb2Vno4rH-4ibOuvoNR6q5SoqSnBMYTe3-9O6zPrtY8lGzmntRRQgIw9YxQTiaTaRRFCjuA" alt="">
 </figure>
</div>
<p class="has-text-align-center">Source:coinglass</p>
<p>The immediate support levels for <strong>XMR </strong>are $128 and $120, while the key upside hurdle is around $140, followed by $150.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>The Monero (XMR) coin may soon replicate a trendline breakout and surpass the round mark of $150. Moreover, fresh volume buying was noted, and buyers are eager to enter the trade.</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Monero (XMR) Backed Gains: Can Bulls Reach $150 Mark This Week?

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Thecoinrepublic.com

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