In the midst of widespread weakness, how did Monero [XMR] optimistic management

You’re probably wondering why your friend HODLing Monero (XMR) has been suspiciously overjoyed over the past 7 days. Well, you should know that 7 days marked significant growth for the XMR token. A bullish divergence was found on the price chart at press time, indicating that a bull market has just begun.

As a privacy-oriented cryptocurrency, Monero (XMR) Cryptographic technology allows users to execute anonymous transactions. This ensures privacy for all transactions executed through XMR tokens.

What do you know about the performance of this private and decentralized cryptocurrency over the past 7 days?

It’s time for XMR to shine

At $172.77 at press time, the token witnessed notable growth over the past week. After hitting an intraday high of $180 on May 21, the token appears to have hit a new high in the new region. Last week, the price per XMR token increased by 13%. Although short of 67% against ATH of $517, the token appears ready to go bullish.

Looking at the price chart, the buying pressure on the tokens increased on May 20th and 21st, indicating a bullish trend. The MACD shows that even below the histogram bar, the MACD line crosses the trend line in an upward direction.

Source: TradingView

In addition, the Relative Strength Index (RSI) at press time was trading at an upward curve of 45, indicating continued buying in the market.

Source: TradingView

The market cap of this privacy token has also made similar progress. In the past seven days, its market cap has grown from $2.77 billion to $3.13 billion at the time of writing.

Source: CoinMarketCap

wait…

While generally optimistic at the time of the press, a look at XMR’s volume during the period under review made some noteworthy points.

The token’s trading volume steadily declined from 190.26 million on May 15 to a high of 23.02 million on May 20. It has since declined, trading volume of $149 million at press time.

The token price skyrocketed during the period from May 15th to May 20th. The decrease in trading volume recorded as a decrease in trading volume may be due to a further increase in the token price due to a decrease in investors’ selling activity.

Source: Santiment

On-chain analytics

A look at the data on the chain reveals a decrease in the token’s development activity during the review period. The token has fallen 18% in the last 7 days.

Source: Santiment

XMR’s social dominance held its position between the 320 – 350 index while it attempted to surge on the 20th of May on the social front. It peaked at 387 on May 20th, then reversed and hit 218 in press time. Similarly, social volume hovered between 0.3% and 0.4% before May 20th, peaking at 0.5% on May 20th. At the time of publication, this figure was 0.321%.

Source: Santiment