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Monero is on a solid bull run since its last local low. XMR peaked at $ 152.80 on July 20 before returning to the print price of $ 146.30. Its recent high represents a 54% increase from $ 96.50, its lowest price in 2022, which it reached on June 18.
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Monero: new level of stamina
Monero [XMR] among the few cryptocurrencies to have seen one A healthy recovery from the lows of 2022.In fact, it’s up more than 44% from its June low at $ 96.50. However, at the time of writing, his stance seemed to indicate that a bearish retracement is imminent.
XMR peaked at $ 141.45. It represented a positive upside potential of over 44% from the June low, which took it to the support level of January 2022.
Notably, the recent spike has placed it within the Fibonacci retracement level of 0.236. This price level will likely act as a new level of resistance as well as many investors who have taken advantage of XMR’s recent bullish trend have taken part of their gains.
Its current price represents a Increase of 18.17%. compared to last week. This was a similar increase for BTC, which is trading at $ 23,797.27 at press time, resulting in a 19.31% increase over the same period.
According to on-chain data, Monero has significantly improved in some respects. Santiment’s data showed that the development activity was highly functional along the entire chain. Interestingly, it was climbing higher and trading at 3.71 at the time of writing.
With this development, it means that the Monero ecosystem has greatly improved.
The last one Monero meeting After intense development activity, it recently announced its latest developments as part of its upcoming protocol update, which will be released on August 13th. Perhaps the update could protect XMR from a sharp retracement.
Final comments
hard to say how strong a bearish retracement is, as multiple variables are involved. For example, many investors who have bought at lower prices may choose Hodl. Such a result reduces the potential for maximum loss. Alternatively rather optimistic mood in the next few days, they could moderate the decline and possibly push XMR higher.
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