Monero, just like many other altcoins of the market, is seen breaching major resistances despite the volatile movement reflected over the past two days. However, after two days of volatile breakthroughs, the market recovers, and within the same, XMR breaches a 30-month high with a long candlewick at $174, while currently trades at $157. Monero is believed to outperform due to a comparatively smaller market cap and room to grow against the altcoins with a massive market cap.
Monero is on track to have its highest number of monthly transactions yet, likely somewhere between 550,000 and 650,000. Last month Monero had 523,842 transactions according to @CoinMetrics. pic.twitter.com/Pm5WpLRvyI
— Justin Ehrenhofer (@JEhrenhofer) December 21, 2020
With great potential and price drifting capability, XMR is one of the major gainers of the market’s top 15 cryptos. And it was at the onset of the week when Monero recorded the highest number of monthly transactions, just when the price crossed above $170 at $174.
The price and momentum of XMR/USD are definitely outperforming the major altcoins and is extremely bullish with spurring demand for the crypto due to its capability of fetching a massive return on investment.
Monero Price Analysis
Monero trades with a bullish trend on the daily chart above $155, which was a major resistance then, and experiencing the recent dip as low as $148 when it tested the weekly supports. With intraday minute correction, the price trend of XMR/USD is away from hitting the upper 20-day Bollinger Band on the daily chart.
Monero price retains all the support from 50-day and 200-day daily MAs at $131 and $99, respectively, due to a clear gaining momentum from the right from the previous quarter. However, due to an intraday dip, the MACD line is seen approaching the signal line for a slight bearish crossover. Still, if the sluggish intraday move is contained, this correction might be eliminated. The coin’s RSI is inclined towards the overbought zone and lies at 62.45 due to growing demand.