Monero (XMR) is holding up very well against the overall market. Although we broke the uptrend downwards here, we were able to stabilize sideways and hold our support.
At the moment we are trading at around USD 220 and thus directly at the monthly support P. This support should hold in the further course and thus continue to strengthen the upward trend.
After we have formed a decent uptrend, a consolidation in this area is considered bullish. The 4H-EMA ribbons continue to give us support, so the uptrend is still intact.
We see a similar picture on the daily chart and the price seems to have stabilized. The recent sell-offs in Bitcoin and the other crypto assets do not seem to interest XMR.
One detail in particular stands out here. We managed to confirm and hold the 200-SMA (last 200 moving averages/purple) as support. Something we haven't been able to do with Bitcoin lately.
Thus, the prospects for Monero are bullish. Even though the daily RSI is close to the overbought territory. The sideways phase that we have had for some time now could mean another pump.
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