- Demand for XMR has skyrocketed in recent days
- This happened despite a proposed plan to shut down LocalMonero
Monero’s native coin XMR appears poised to extend its seven-day rally despite negative sentiment regarding the closure of LocalMonero, a peer-to-peer (P2P) trading platform for privacy coins.
May 7th, LocalMonero announced It announced that it has disabled all new XMR sign-ups and advertising posts on the platform. It added that it will disable new XMR transactions on May 14th and shut down the website by November 7th.
XMR takes a different view
At the time of writing, the popular privacy coin was valued at $132.52, up 8% in the past seven days, according to CoinMarketCap. This situation is despite the fact that the market as a whole has generally maintained a cautious stance.
An evaluation of the price performance on the daily chart confirms the possibility of an extended upside in the short term. For example, at the time of writing, the altcoin's price was above its 20-day small moving average (SMA). An asset's 20-day SMA is a short-term moving average that reflects the average closing price over the past 20 days.
If it is below the price of an asset, it suggests that the asset's short-term trend is up. This is often seen as a sign that buyers are in control of the market and that a sustained rally is possible.
The 20-day SMA of an asset is a short-term moving average that reacts quickly to price changes. Reflects the average closing price of an asset over the past 20 days.
read monero [XMR] Price prediction for 2024-2025
Additionally, XMR’s upward momentum indicator was pointing to high buying momentum across the market. At the time of writing, the coin had a Relative Strength Index (RSI) of 57.13 and a Money Flow Index (MFI) of 71.69.
At these values, these indicators suggested that market participants prefer XMR accumulation over distribution.
Underscoring the influx of liquidity into the XMR market, Chaikin Money Flow (CMF) was measured at 0.14 at the time of writing. This indicator measures the flow of funds into and out of an asset, and a positive CMF is considered a sign of positive market forces.
As for XMR's next price point, readings from the Fibonacci retracement reveal that if XMR manages to break out of the $134 price level, it will aim to trade at $143 on the chart. .
Source: XMR/USDT on TradingView
However, if this becomes invalid and the bears put pressure on the market, the altcoin price could fall below $125.
