The cryptocurrency that grew by more than 35% after setting an annual anti-record is named

Cryptocurrency analysts have drawn attention to the digital asset Monero (XMR), whose value has risen significantly since hitting an annual low on June 10. The price of XMR has risen by 35% in 18 days, and the token is currently trading at $ 165.41.

Although the bullish trend reversal has not yet been confirmed, there are important signs on Monero’s long-term and short-term timeframes that indicate that the XMR price will continue to rise.

First, the XMR price has strengthened sharply since June 10, when it hit a one-year low. At the moment, the rate is up 35% without experiencing any pullback. Secondly, Monero has made a bullish breakout of the resistance line, which has been present on the chart since January 29. This is a sign that the short-term correction is over.

The most likely XMR forecast assumes that the token price will continue to rise and make a bullish breakout of the long-term downward resistance line. In this case, it may head to the next resistance at $ 260.

A daily close below the $ 164 area would mean that the trend remains bearish. In this case, the most likely scenario would be a price drop and a retest of the $ 140 level.