The Monero price has rallied over the past week since the broader market recovered. Over the last 24 hours, XMR was consolidating despite its weekly gains. The coin traded laterally over the past few sessions before it started to dip on its chart.
As momentum halted recently, it is still uncertain whether XMR will resume its upward price movement. The technical outlook of the coin continued to side with the bulls despite lateral trading.
Accumulation remains high on the chart despite a downtick in demand over the last trading sessions. Monero also displayed overbuying tendencies, and the recent fall in the asset’s value could be tied to a price correction.
The altcoin can prevent considerable loss if Monero stays above its immediate support line. The market capitalization of Monero declined slightly, meaning that the coin encountered selling in the past trading sessions. At the current price, the coin was trading at 70% low than its all-time high secured in 2021.
Monero Price Analysi
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