Is Monero (XMR) Quietly Building Up to a Game-Changing Price Move?

• Monero is trading at $363, up by over 11%.
• XMR’s daily trading volume has surged by over 41%.

The brief correction has triggered the crypto market cap to a range of $3.27 trillion. The asset’s prices could enter the bullish zone if the spike is sustained. Notably, the largest asset, Bitcoin (BTC), trades at $103.8K, while the altcoin, Ethereum (ETH), hovers at $2.5K.

Monero (XMR) has shifted gears by recording a surge of over 11.30% in the last 24 hours. As the asset undergoes moderate bullish pressure, it is trading on the upside. At the time of writing, Monero trades at around the $363 mark, with its market cap reaching $6.69 billion. Also, XMR’s daily trading volume has surged by over 41.60%, touching the $98.38 million zone.

The asset kicked off the day, trading at its lowest price of $325.39. Later, it climbed to a peak of $354.60. Monero can witness a steady upward correction after it broke the crucial resistance.

Is Monero’s Momentum Built to Last or Set to Fade?

While zooming in on XMR’s four-hour technical indicators, the MACD line touches the zero line, while the signal line remains below zero, which often indicates a potential shift in momentum. The asset could be nearing a bullish crossover if the MACD line continues the upward. However, since the signal line is still below zero, the overall trend is not fully bullish yet.

XMR chart (Source: TradingView)

Besides, the CMF indicator of Monero is found at 0.27, suggesting a strong buying pressure. The capital is flowing into the asset, and the buyers are dominating the market with a positive sign for price momentum.

If Monero’s price action gains strength, it might continue its upside momentum and test the resistance at the $360 range. Further gains would initiate the golden cross to take place, extending the rally toward the $362.25 mark.

Contrarily, if the bearish pressure arrives in the scenario, Monero could slip below the range of $358. Extended losses might lead the asset to a deep correction phase, also triggering the death cross to emerge and decline to its former lows.

In addition, the daily relative strength index (RSI) of Monero is hovering at around 66.00, implying bullish momentum, but is approaching the overbought zone. XMR’s BBP reading of 33.51 signals a strong bullish dominance in the current market trend, pushing prices above.

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