Monero (XMR) reached a new all-time high price of $517.60 on May 10. While it has decreased slightly since, it is still trading above the $410 support area.
Technical indicators and the price action support the continuation of the upward movement.
The past year has had numerous positive developments for XMR. As of May 2021, it has been accepted by 960 companies worldwide. Out of them, 23.3% are found in the U.S., 10.7% are found in Russia, while 6.9% in the U.K.
In addition, on-chain data done by the Monero network shows impressive growth. In the period from April 2020 to 2021:
- Transactions increased from approximately 10,000tx per day to nearly 23,000tx per day.
- There were a total of 5,868,096 transactions. This amounts to 16,076 transactions per day on average.
In addition to the formidable growth in transactions, the emissions per day also dropped from 1,200 to 750 XMR.
Finally, the participants in the network spent a total of 1,884 XMR on fees, which amounts to 5.16 per day.
Long-term XMR movement
XMR has been moving upwards with strength since the beginning of March. The upward movement culminated with a new all-time high price of $517.60 being reached on May 7.
While the token has decreased slightly since, it is still trading above the $410 area. Its validation as support is significant, since the level acted as the closing price of the previous all-time high, which was reached in 2018.
Technical indicators are bullish, supporting the possibility that the token will validate the level as support and continue to increase.
If so, the next resistance area would be found at $743. This is the 1.61 external Fib retracement of the most recent drop.
The XMR/BTC pair is also bullish.
The token has reclaimed the ₿0.0063 area, which previously acted as support for nearly a year.
The alleged breakdown is now considered a deviation, with the area likely to act as support once more.
The MACD, RSI and Stochastic Oscillator support the continuation of the upward movement. This is especially evident by the bullish cross in the Stochastic Oscillator and the RSI cross above 50.
The next closest resistance area is found at ₿0.0112.
To conclude, the long-term trend for XMR is expected to be bullish. The next closest long-term resistance area is found all the way at $743.