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XMR Keeps the Bulls Alive With a 5.6% Rally As Bitcoin Falls to $20K

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·2 min read
In this article:
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Key Insights:

  • Bitcoin returned to the same level it has been stuck at for a month now.

  • Monero reclaimed $130 to prepare for a further rise.

  • Most of the altcoins, however, closed in red today.

The crypto market’s flux continues to impact altcoins as the total value of the market fell to $888 billion at the time of writing. The few ones that made it out were led by Monero, and the rest followed the king coin Bitcoin.

Monero Saves Face

The altcoin has been taking inspiration from the tortoise instead of the hare and is keeping its recovery slow and steady. In the last 22 days, XMR has risen by more than 27% and can be observed trading at $132.3.

In the last 24 hours, the altcoin has noted a 4.23% rise, and it is such small yet significant rises that have placed XMR on the path of gradual but consistent recovery.

This is critical as the cryptocurrency was victim to a 46.2% depreciation during the June crash, which resulted in the asset falling below $100.

At the time of writing, the price indicators are clearly flashing bullish signs, with the Bollinger Bands keeping close, highlighting low volatility. Plus, with the candlestick above the bias, XMR is set to receive support for further rise.

Additionally, the recovery of the Relative Strength Index into the bullish area is also a clear indication of Monero finding growth in the coming few days, potentially even reclaiming $150 by the end of this month.

Bitcoin Back to the Base Camp

The king coin seems to have established $20k as its new normal since the cryptocurrency has been lingering in this zone for more than a month now.

Beginning in June, Bitcoin first faced the wrath of the bears when the crypto fell by almost 40% in 12 days. Following it, BTC has been stuck in a cycle of consolidation, which keeps bringing the coin back to $20k, hence making it the base camp for the asset.

Trading at $20,579, the king coin does highlight an uptrend with the Parabolic SAR’s white dots sitting underneath the candlesticks. But the high volatility will flip them soon into a downtrend, keeping BTC stuck at this price range.

Backing this up is the MACD indicator which has actually already begun highlighting rising bullishness with the appearance of red bars.

If a bearish crossover does take place, it won’t persist for long since BTC is in consolidation, not a dip. For a while, until the broader market and world economy improve, Bitcoin will continue this pattern of movement.

This article was originally posted on FX Empire

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