The crypto market looks good today, as Monero is doing great, as well. At the moment of writing this article, XMR is trading in the green just like the other important coins on CMC, and the privacy-oriented digital asset is priced at $55.76.
XMR is still occupying thee 13th position on CMC.
According to CryptoBriefing, Monero has a bearish short-term and medium-term trading bias.
XMR posted double-digit gains following a strong bullish reversal from $45,00. The coin is trying to recover from an eight-month trading low.
The XMR/USD pair managed to drop by about 30% since the start of this month, and it’s currently trading around 58% below the current 2019 trading high.
Technical analysis shows, according to info coming from CryptoBriefing, that the pair is still technically bearish over the short and medium-term as well.
Monero’s recent recovery seems sustainable
But on the other hand, they note that signs are emerging that show the fact that the current recovery could be sustainable.
“A rally towards $65.00 would also help to create a much larger reversal pattern that could eventually send the XMR/USD pair towards the $85.00 level,” they write.
They continue and point out that “The daily time frame shows that sellers tested the top of a falling wedge pattern during the recent decline, with buyers successfully defending the technical test.”
The online publication also notes that XMR also has a potential upside around the corner.
They write that if XMR is able to break above the $91 level, this means that “we could see the August 8 swing-high at $98 as the strongest form of technical resistance.”
In other news, Monero is getting ready for the new upgrade that’s set to take place soon.
The Monero project is ready for the upcoming network upgrade for quite a while now.
Monero had a great year, and more crypto enthusiasts found it to be a viable option for investment.