The highest 50 cryptocurrencies by market cap appeared like a blood tub on the time of this press as bears proceed their assault. Apart from stablecoins, Monero (XMR) is the one cryptocurrency that appears to be holding on to some earlier good points.
A have a look at XMR’s newest value motion reveals that it has been on a bullish trajectory since 24 February. Nevertheless, whereas most different prime cryptocurrencies peaked and commenced retracement at the beginning of April, Monero managed to push back the bears.
Supply: TradingView
XMR didn’t push into the RSI’s oversold zone regardless of the spectacular rally, though it did come near that degree. Its value has assumed a bearish trajectory within the final two days, giving up a few of its earlier good points. XMR has additionally managed to keep up its RSI above 50 even after the selloffs.
XMR value motion has been buying and selling above its 50-day transferring common for greater than 30 days. It crossed above the MA in mid-March courtesy of the sturdy bullish momentum out there on the time. It confirms the cryptocurrency’s sturdy bullish development throughout the previous few weeks.
The decrease highs within the RSI in opposition to larger value highs level in direction of weakening bullish momentum. This statement displays Monero’s outflows and is mirrored within the DMI’s +DI indicator which registered some downsides. To raised perceive the value trajectory, a have a look at on-chain metrics is a should.
Right here’s what on-chain metrics state
XMR’s on-chain metrics additionally again the observations, akin to a rise in volumes within the final seven days. Nevertheless, its newest decline within the final two days correlates with a quantity decline throughout the identical interval. Its market cap declined considerably since 10 April whereas its weighted sentiment dropped considerably from 9 April.
Supply: Santiment
Properly, the weighted sentiment remains to be larger than it was in direction of the tip of final week. In the meantime, developer exercise has elevated inside the previous few days.
Will Monero yield to extra draw back?
XMR has up to now proven sturdy resilience in opposition to the bearish pullback that has prevailed for the reason that begin of April. A transparent indicator that its efficiency is unpegged from Bitcoin’s management. It had already recovered barely to the upside on the time of this press. Nevertheless, the following few days ought to provide readability as as to whether Monero can keep this bullish power some time longer earlier than it inevitably cools down.
