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Monero bulls have resurged, but the impacts of this year’s bear market are yet to fate. Therefore, XMR’s current upswings might be a short-lived bullish relief, and a retracement could surface. While publishing this content, the alternative token traded around $122, translating to a nearly 31% upsurge from the $96.50 2022 low. Meanwhile, the latest upside might witness a sizeable fall for the alternative token. Moreover, FIB lines plot the next possible retracement around the $142 mark.
XRM traded beneath the 50% RSI (Relative Strength Index) during this publication, meaning bulls have some edge before encountering bearish friction. Nevertheless, that depends on whether the alt retains enough buying momentum to propel towards the next FIB level. Meanwhile, the MFI (Money Flow Indicator) maintained sideways since July 2, suggesting that XMR bulls may already be fading.
Whale Activity
Substantial whale activity backed the recent rally by XMR. The whale supply metric increased notably to 44.46% on July 5 from July 1’s 43.92%. However, the index plunged to 44.30% by July 7. That confirms that whale trimmed some of the holdings to enjoy profits following the latest price surge. They still hold more than the amounts than early in the month.
The noted bullish momentum falls matched the decline in the Binance finding rate. That shows derivatives market interest declines substantially within the past 24 hours. Maintaining such developments might see the retracement coming sooner than projected.
Chilling with Big Boys!
Monero (XMR) remains among the ultimate and most promising cryptos. For instance, it tops the charts as the leading privacy token in market capitalization. The Monero transaction ratio against BTC transactions has grown over the past years.
That means increased individuals opting for XRM transactions compared to BTC. The transaction chart confirms Monero’s growth. Though XMR might witness near-term retracements, the asset’s long-term picture remains steady.
Meanwhile, the cryptocurrency space explores impressive upticks today. Bitcoin gained more than 7% to test the $22K level. While publishing this content, BTC traded at $21,816.41. Such moves triggered upticks in the altcoin market, with ETH leading the pack after surging more than 6% over the past day to $1,243.53.
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