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- Monero is sustaining its bullish move and aiming to break the crucial level of $70.00.
- However, it will be facing a major resistance level of $68.00 which has provided significant downfall to the crypto assets in the past on several occasions.
- XMR can aim for significant price growth only if it breaks the major resistance level of $68.00.
On the 7-day weekly chart, Monero (XMR) started by breaking the crucial mark of $60.00. Gradually, it builds sustainable bullish momentum to the price level of $65.00. However, after reaching the level of $65.00, it faced price corrections and downfall but got the support level of $60.00. The bulls capitalized on the opportunity provided by the support level of $60 and again bounced back to $65. This time it broke the level of the significant bullish move and now is at the price level of $66.50.
The market capitalization is $1,169,036,660 and the volume traded is $104,388,289. The circulating supply for the XMR is 17,565,856 XMR in the market. XMR can aim for significant price growth only if it breaks the major resistance level of $68.00 which seems to be a massive barrier looking at the records. On the last occasion, when the Altcoin touched the resistance level it was forced back to the level of $55.
Monero (XMR) Technical Analysis
XMR can build significant price growth from the starting of April. During the mid-may session, it reached the same resistance zone and faced major price corrections. Thus, it will be important for the coin to cross the resistance level somehow.
The technical indicators and oscillators are now sloping downwards as the Monero XMR is reaching closer to the major resistance level. This indicates the impact of the resistance level which can be expected.
The RSI is sloping down from a strong level of 60. Any downfall below the level of 50 will indicate that the resistance level will again provide damages.
The MACD levels are somehow prevailing in the bullish zone but their sustainability is in doubt due to the resistance level.
The CCI made a comeback from overbought region avoiding any vulnerability from a sharp negative move from the level of $65.00. Now, Monero XMR should sustain the normal territory otherwise can face a negative period.
Resistance level: $68.00 and $70.00
Support level: $60.00 and $58.00
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
