With the entire cryptocurrency industry facing a downfall, everyone expects that none of the major or minor cryptocurrencies will record greens anytime soon.
Despite the downtrend, some cryptocurrencies are able to prove their resilience. Most of the time, the success of these cryptocurrencies and their being in the greens is their high utility.
Monero among Top Gainers
Monero is also among the top movers in the crypto market in the latest trading sessions. Monero (XMR), which is a private token, has been demonstrating strong gains in recent trading sessions.
During the crypto downtrend, it has become a loop where the price of an asset surges for a day before its value plummets. This indicates that the bears have stronger control over the market.
However, Monero has changed the trend as it has recorded a rally for the second day in a row. This clearly proves that the bulls backing XMR are not easily moved or defeated.
The bulls are not afraid of showing off their buying power and push the bears aside to increase XMR’s trading value.
XMR has reportedly hit a higher note as its value has increased to $145.03 in the latest trading session. Prior to the rally, the trading price of XMR was at a low of $141.48.
The most remarkable thing about the recent push is that in just 24 hours’ time, XMR’s trading price rose from a low of $141.48 to a high of $145.03.
XMR’s has Moved Away from the Support Level
Prior to the surge, the trading price of XMR was residing near the low trading mark of $137. It was reportedly considered the strong support point for XMR but the situation has changed now.
With the recent push, XMR has moved away from its support level, moving to a higher trading value.
At the time of writing, the trading price of XMR is at $143.90. For now, the bulls are proving their resilience against the bears but the situation may change in near future.
With the trading price of XMR moving higher, the bulls may opt to sell their holdings to generate gains. This would be a usual move that the bulls tend to make whenever an asset’s price rises past its expected level.
Bulls May Sell for Around $147
A look at the price chart for XMR shows that it is on its way to hitting a high trading price of $148 and has all the technical indicators supporting it.
Going forward, the trading price of XMR may get pushed higher and may hit $147. The analysts expect that as XMR reaches $147, the bulls may start selling XMR which would eventually pull its price lower.