Will Monero [XMR] be able to rally amid recovering broader crypto sentiments

ambcrypto.com:

Monero (XMR) turned out to be one of the best cryptocurrencies for those looking to ride the recovery wave after the May crypto crash. The cryptocurrency jumped onto a healthy bullish trend while the rest of the market struggled to bounce back. However, the cryptocurrency is off to a good start this week, with some upside allowing it to hold on to recent gains.

XMR rallied by rally 75% from its latest local low on 12 May. The impressive bullish performance appears to have experienced resistance near the 0.236 Fibonacci line, peaking at $208. The resistance resulted in a slight retracement towards the end of last week. Fortunately, the bulls returned to the market during the weekend, aiding XMR’s recovery from a weekly low of $173.35 on Saturday.

XMR traded at $194.85 at press time, after rallying by 11% in the last two days.

Source: TradingView

It seems XMR’s price drop from above $200 was triggered by some profit-taking. This manifested in the form of outflows registered by the MFI, briefly pushing the RSI below the neutral level before a quick recovery. It also looks like the outflows are tapering out, aided by re-accumulation during the weekend.

Source: TradingView

Monero’s social dominance and social volumes are still within healthy levels and they explain why it is still delivering an impressive performance. Healthy social engagement means XMR has a decent amount of socially active traders or community. However, both metrics experienced a slight drop in the last 24 hours, presumably due to the shift of social interest towards Bitcoin’s weekend rally.

Source: Santiment

XMR nevertheless managed to maintain an uptick even as the social metrics took a bit of a hit. The supply held by whales also saw a significant drop from