Analysis: Monero maintains bullish momentum despite corrections

Source: CritpoTendencia Original Title: Analysis: Monero maintains upward momentum despite corrections Original Link:

Analysis of Monero (XMR)

Despite the declines experienced in the cryptocurrency market, Monero (XMR) has stood out for showing solid performance, although it has not been free from recent corrections.

At the time of writing, the price of XMR is quoted at $375 with daily losses of 2%, weekly losses of 7.6%, and monthly gains of 8.3%. The privacy cryptocurrency follows the general behavior of the crypto market.

Monero is gaining more interest recently compared to 6 months ago. Both Monero Bazaar and the ecosystem are growing.

What is behind the current levels of XMR?

Economic uncertainty and regulatory pressure are strongly affecting the digital asset market. As a result, major cryptocurrencies like Bitcoin and Ethereum are showing instability, and in that environment, recent corrective movements in XMR are also occurring.

The cryptocurrency surpassed $450 on November 9; however, subsequent sharp corrections were recorded that led to the current levels.

Even so, Monero maintains significant monthly gains, unlike the main crypto assets. This reflects the surge that the privacy theme has had in recent weeks.

Although Monero remains the main reference in the sector, the landscape of privacy-centric cryptocurrencies has become more competitive. New projects are emerging, and several already known coins are regaining ground, intensifying the battle for market share. In this context, Zcash has surpassed Monero as the privacy project with the highest market capitalization within the crypto market.

Despite this, the momentum of Zcash (ZEC) has indirectly benefited XMR, becoming one of the main drivers of its recent behavior. It is worth noting that, in recent months, ZEC has shown significant fluctuations, with an increase exceeding 700% since September.

Analysis of XMR charts: key levels to consider

The price of XMR is in full correction after a strong rebound from the lows of $318 recorded on November 21. However, in the medium term, XMR still maintains an upward trend.

Resistance levels to consider:

• $386: immediate resistance, previously support, aligned with the EMA 50.
• $408: from this level, the greatest bullish strength is observed according to the recent price behavior. It is the most relevant resistance in the short term.
• $450: a psychological level whose breakout would point to the recovery of the path towards all-time highs.

Supports to watch:

• $370: immediate support matching the daily minimum.
• $318: strongest level, corresponding to a double bottom. Its loss could trigger a trend reversal.
• $300: psychological support that will gain relevance if the price maintains current levels or makes advancements.

The RSI at 28 points indicates that XMR is in oversold territory, so short-term rebounds are possible.

Important data to keep in mind

• XMR is still 26% away from its all-time high of $517 reached on May 7, 2021.
• The private cryptocurrency accumulates annual gains of 126%, confirming that it remains within a strong upward trend.
• The Privacy theme on CoinMarketCap registers today a total market capitalization of $59.572 million.
• In the last two days, the mood of the XMR community rose to 74%. This increase suggests that investors may be anticipating a rebound in price.
• The total market capitalization of the cryptocurrency market shows renewed strength, with a daily increase of 1.67% to $2.99 trillion.