Monero Price Rallies as Broader Crypto Market Recovers

• The Monero price has rallied over the past week since the broader market recovered.
• XMR was consolidating despite its weekly gains, and the coin traded laterally over the past few sessions before it started to dip on its chart.
• Monero also displayed overbuying tendencies, and the recent fall in the asset’s value could be tied to a price correction.

The Monero price has been on an upward trajectory over the past week as the broader cryptocurrency market recovered. Over the last 24 hours, XMR has been consolidating despite its weekly gains, trading laterally over the past few sessions before it started to dip on its chart. The technical outlook of the coin is still favoring the bulls, as accumulation remains high on the chart despite a downtick in demand over the last trading sessions. Monero is also displaying overbuying tendencies, and the recent fall in the asset’s value could be tied to a price correction.

The market capitalization of Monero has decreased slightly, likely due to a decrease in demand for the coin over the last trading sessions. At the current price, the coin is trading at 70% below its all-time high of 2021. To prevent further losses, Monero must stay above its immediate support line. Looking forward, the coin is likely to resume its upward price movement if the broader market continues to recover.