Is the Death Trap of $120.00 Fearing Investors for Monero With Reference to History?

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Monero is reaching new highs of the year by reclaiming the bullish price level of $118.00
  • The XMR/BTC pair is also performing positively with the gain of 2.27% bringing the current level to 0.01035354. 

Monero broke above the major resistance level of $114.00 and reached new levels of the month. The cryptoasset was also successful in reclaiming an extremely bullish price level of $118.00. The CMP is at $118.20 with a significant overall gain of 4.66%. The market capitalization is at $ 2,007,196,488 with the 24-hour volume traded of $1,450,068,828. 

Source: Coinmarketcap

The weekly price chart clearly highlights the extremely bullish nature of Monero from the start of this month. The price levels started by breaking above the crucial mark of $100.00 and looks like there was no stopping for the coin afterward. Currently, it is showing potential for reclaiming the major resistance of $120.00 However, climbing on the resistance level hasn’t resulted in a very positive manner for the coin.  

Technical Aspects Takes Us Back to the Mid of 2019 

Source: Tradingview

The technical chart highlights the top major top levels made by Monero from the past year. During June 2019, the cryptoasset made up to the resistance level of $120.00 and somehow managed to surpass it also. However, the after reaction to the price levels were not so impressive. The cryptoasset corrected itself to the critical support area of $50.00 in October of the same year only. Therefore, we can say that it has arrived at its critical resistance area and investor panic might be developing again. The moving averages of the current peak are not having much difference as compared to the peak of June 2019. 

Source: Tradingview

This chart highlights the bullish move built by the cryptoasset on a very short span. It is facing two resistance points currently which are placed at $118.51 and $120.00 respectively. The relative strength index and commodity channel index were at bullish levels with the current standing of 63.52 and 100.30 respectively. 

Where XMR Can Be Headed? 

Looking at the historical price movements of the coin, besides if it manages to surpass the resistance level of $120.00, the price levels placed ahead have provided major negative reversals in the past. The price level of $122.00 is the one to look out for. We should expect a profit booking momentum on this particular level. However, in a broad sense, the digital asset is strongly supported by $100.00. 

RESISTANCE LEVEL: $120.00 & $122.00

SUPPORT LEVEL: $108.00 & $100.00 

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