• The Monero price has been on a rally over the past week.
• The coin consolidated over the last 24 hours despite its weekly gains.
• XMR is displaying overbuying tendencies, and the recent fall in its value could be due to a price correction.
The Monero (XMR) price has seen an impressive surge over the past week as the broader market recovered. It has been consolidating over the last 24 hours, with sideways trading dominating the charts. Despite this, the technical outlook of the coin continued to show signs of bullishness. Despite a slight decrease in demand, accumulation remained high throughout the period. Furthermore, the asset has been displaying overbuying tendencies, which suggests that the recent dip in its value could be attributed to a price correction.
The XMR price has been trading above the $157 support zone, which was previously a resistance line. The coin is currently trading on an ascending trendline (white), which is usually associated with a breakout on either the upside or the downside. Over the last 24 hours, XMR has broken away from this trendline, indicating a slight decline in momentum. However, the coin is still trading above its immediate support line, which should help to prevent any further losses.
The market capitalization of Monero has also dropped slightly, suggesting that there was some selling pressure during the period. This is to be expected, given the overbuying tendencies that have been observed on the chart. Despite this, XMR was still trading at around 70% low than its all-time high, which was achieved back in 2021.
Overall, the outlook on the Monero price looks bullish despite the recent decline in momentum. As long as the coin remains above its immediate support line, it should be able to resume its upward price movement. If it is able to move past the $157 price level, then further gains could be expected in the coming weeks.