Monero Records Daily Transactions Per Block High as Bullish Momentum Returns

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.

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

 

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