Monero Surges 32%, But Can It Maintain Momentum Without Bitcoin Rebound
Monero's price surged by 32% in recent days, and analysts are now looking at whether it can maintain momentum. The privacy-focused cryptocurrency has been steadily rising since the beginning of September, with a significant increase in trading volume.
The past three weeks have seen Monero rise by 32.2%, despite Bitcoin's struggles to break above $80,000. On the weekly timeframe, Monero has a bullish structure, having set a new high at $571 and not breaching its lower support level of $261. This suggests strong higher-timeframe demand.
However, the current rally may be threatened by Bitcoin's weakness. If Bitcoin fails to reclaim $80,000, it could impact Monero's price action for the rest of September. On the daily timeframe, a bearish momentum divergence was identified, but the RSI and Stochastic RSI are now indicating bullish strength.
The next key resistance level for Monero is $571, which could be overcome if demand remains strong. However, a drop below $480 would suggest short-term bearish dominance and threaten a deeper drawdown.