Monero bulls are actually dealing with sturdy resistance on the 0.382 Fibonacci stage after delivering a riveting efficiency since mid-June.
Its efficiency within the final seven days underscores a battle for dominance between Monero bulls and bears.
Monero managed to rally by as a lot as 76% from the underside of its newest bear run in June.
Its upside encountered a powerful promote wall close to the $170 worth stage. This can be a vital worth zone for the cryptocurrency as a result of it’s proper on the 0.382 Fibonacci retracement line.
It explains why it’s experiencing resistance at this stage.
![](https://statics.ambcrypto.com/wp-content/uploads/2022/08/XMRUSDT_2022-08-17_17-15-32.png)
Supply: TradingView
Notably, XMR bears tried to push down the worth a number of occasions within the final seven days however every time they encountered sturdy buybacks.
This saved the worth inside the present vary slightly below the provision. In the meantime, the RSI, on 17 August, already crossed beneath its 14-day SMA and was headed in the direction of the 50% stage.
![](https://statics.ambcrypto.com/wp-content/uploads/2022/08/XMRUSDT_2022-08-17_17-33-18.png)
Supply: TradingView
The RSI’s efficiency aligns with a number of the on-chain metrics pointing towards a doubtlessly bearish conclusion to the present stalemate.
Monero’s social dominance metric dropped considerably within the final 5 days after peaking at 4.88% on 12 August.
![](https://statics.ambcrypto.com/wp-content/uploads/2022/08/Monero-XMR-17.37.30-17-Aug-2022.png)
Supply: Santiment
The above consequence confirms that investor consideration is shifting and never in XMR’s favor.
This consequence will not be sudden contemplating the most recent upside. It additionally displays a drop in Monero’s weighted sentiment which peaked at 7.26 on 12 August and has since dropped to -19.
The drop in XMR’s weighted sentiment confirms that buyers have now shifted their sentiment to favor the draw back.
![](https://statics.ambcrypto.com/wp-content/uploads/2022/08/Monero-XMR-17.54.03-17-Aug-2022.png)
Supply: Santiment
Monero’s share stablecoin provide held by whales elevated from a month-to-month low of 42.46% on 3 August.
It has since then elevated to its press time stage at 43.05%.
Buyers are, thus, holding cashing out in stablecoins therefore the uptick on this metric.
The end result displays the revenue taking as the costs peak on the present Fibonacci stage.
Properly, XMR’s worth traded at $160.55 after a 5.17% drop within the final 24 hours on 17 August.
This consequence displays the bearish sentiments indicated by the metrics, in addition to its indicators.
Whereas the present sentiment means that it would expertise extra draw back, Monero remains to be comparatively near its latest backside.
This implies it would nonetheless command sturdy bullish demand after a slight pullback.