Monero is Looking to the Upside
Monero (XMR) has been trading mostly neutral around $159.38 this week, though it reached $164.05 on July 17. The token's retreat aligns with the broader crypto market trends. Since June 18, 2022, XMR has been moving within an uptrend, having surpassed the resistance level of $155.00 in June and maintaining its position above this uptrend in July, despite administrative pressures from U.S. authorities. This resilience enhances its upside potential.
The nearest resistance for XMR is at $175.00. If Bitcoin (BTC) rises to the $70,000-$72,000 range, XMR could breach this resistance, paving the way for a potential rise to $225.00. Given the current market trends, Bitcoin reaching these levels by August seems plausible, which in turn would support XMR's upward movement.
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