Monero (XMR) price found support around its ascending trendline on Monday and bounced off 1.08%. At the time of writing on Tuesday, it continues to trade higher, around $206.77.
Monero price retested and found support around the ascending trendline (drawn by connecting multiple swing low levels from mid-November with a trendline) on Monday and bounced off 1.08%. At the time of writing on Tuesday, it continues to trade higher, around $206.77.
If XMR continues its upward momentum, it could extend the rally by 12% from its current levels to retest its December 16 high of $232.
The Relative Strength Index (RSI) on the daily chart reads 58, above its neutral level of 50, and points upwards, indicating bullish momentum.
Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover on Monday, suggesting an upward trend.
Another bullish sign is Coinglass’s XMR long-to-short ratio, which reads 1.20, the highest level in over a month. This ratio above one reflects bullish sentiment in the markets as more traders are betting for the Monero price to rise.
However, if XMR breaks below the ascending trendline and closes below $180.79, it could extend the decline to test its December 20 low of $167.
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