Monero price is building strong momentum, driven by the latest update from THORChain that adds support for direct Monero trading. Monero is expected to continue performing positively due to rising market activity and some positive technical indicators, although its price may rise even more should Monero break its current resistance levels.
At the time of writing, XMR is trading at $ 519.70 with a 24-hour trading volume of $ 466.65 million and a market cap of $ 9.81 billion. XMR price increased 10.26% in the last 24 hours. The move leaves XMR well above its key moving averages, confirming underlying strength in both short- and medium-term trends.
Monero Gains Momentum After THORChain Upgrade
According to the report from BSCN News, the coin has appreciated by more than 45% during the month of August, and this is the best performance that it has had since April 2021. The current bull run has enabled the coin to breach some important moving averages.
One of the reasons for the recent surge is the version 3.20 update in THORChain, which directly supported Monero trading.
This new update lets users trade XMR tokens for BTC, ETH, and even stablecoins without the use of centralized exchanges. THORChain has also released its own Protocol-Owned Liquidity and Stable Reserve system for stablecoin trades.
This news comes as the demand for Monero is on the rise. Open interest in XMR increased significantly in August, growing from $131 million to close to $320 million.
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Monero Price Shows Strong Bullish Signals
There has been bullishness in Monero’s price in terms of technical analysis too. XMR price touched a high of $522.69 after going above its upper Bollinger Band at $498.97.
The middle Bollinger Band for the pair can be seen close to $432.91, and the lower band stands at $366.85. Price being above its upper Bollinger Band suggests significant buying pressure.
The MACD technical analysis is in line with the bullish trading setup as well. The MACD is at 29.98 and is higher than the signal line at 22.93. The histogram shows a value of 7.05, which is positive as well.
Monero Price Could Consolidate Before Next Move
Although there has been a recent breakout, XMR might be set for consolidation over the coming two to three trading sessions.
The projected trading price range is from $487.38 to $531.66. Staying above the low-end price of this range would enable Monero to continue rising.
However, a breach above $531.66 will build a case for yet another upward push. Conversely, if price moves below the current support at $497.15, then a pullback may be expected.
For now, Monero price is still within an uptrend, with positive technical signals and rising market interest in place.
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