Monero Records Daily Transactions Per Block High as Bullish Momentum Returns

Azeez Mustapha
23 July 2021 | Updated: 23 July 2021

Monero (XMR) recently witnessed a record 57.9 average daily transactions per block, according to a report by the Monero Blocks XMR explorer.

Over the past few days, the cryptocurrency’s blockchain recorded over 40,000 transactions, which surpasses 25% of the average weekly transaction volume.

Meanwhile, XMR trading pairs are also experiencing increased trading volumes on the charts. Most altcoins have recorded significant spikes since the goodish bounce in Bitcoin, with XLM surging by about 13% since the recovery.

However, Monero has failed to establish a healthy footing above the $200 round figure and remains constrained within a range between $200 and $195.

The crypto market at large saw a massive crash over the past few months, starting in May. In the same month, Monero recorded its highest price ever at $517 per coin.

Some technical analysts suggest that XMR remains solidly on critical support that has gotten tested five times in the past five months, from February to July.

That said, the network has recorded multiple trading volume surges that correlate with average transactions per block volume. The former daily transaction high occurred in May, matching the 45% volatility of the XMR/USD trading pair.

Key Monero Levels to Watch — July 23

Monero posted a healthy rebound from the $180.00 level on Wednesday, pushing the price to the $200.00 high. However, this bullish move got contented by bears, who pushed the price down to $196.00 after a prolonged consolidation yesterday.

XMRUSD – 4-Hour Chart

That said, XMR retested the $200.00 level a few hours ago and got rejected again, leaving it range-bound between $200 and $195. The $195.00 support is fortified by the 50 SMA on our 4-hour chart, making a bullish push in the coming hours the next likely course of action.

Meanwhile, our resistance levels are $200.00, $210.00, and $220.00, and our support levels are $195.00, $180.00, and $175.00.

Total Market Capitalization: $1.33 trillion

Monero Market Capitalization: $3.53 billion

Monero Dominance: 0.26%

Market Rank: #27

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!
Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.