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- The revival of bullish sentiment for XMR has provided a boost to the price levels as it reclaims $125.00 on Monday’s market session
- The XMR/BTC pair is also performing significantly positive with a gain of 2.12% bringing the current level to 0.01093987 BTC
The weekly chart of monero highlights the major price corrections faced after the price levels reached the critical resistance area of $130.00. The bears provided significant price damage to the crypto asset and forced the levels to drop below the crucial mark of $120.00. However, the price levels dropping below $120.00 provided a rational buying opportunity for the investors, therefore, the digital asset was able to revive its positive move. The CMP is at $125.42 with an overall gain of 2.65% bringing the market capitalization to $2,223,659,778 with a 24-hour volume traded of $1,099,048,410.
Technical Indicators Reaching Bullish Levels for XMR
The technical chart highlights the significant positive move built by XMR from the past month. The cryptoasset’s bullish rally was halted by the resistance level of $133.00. However, on the positive side, the price levels were able to maintain sustainability above the 0.236fib level which provided a positive push during the price corrections faced by XMR. This also indicates that the major support is now placed at 0.236fib level for the coin in upcoming days.
The directional movement index is currently not correlating with the bullish move of the cryptoasset. The ADX(16.62) is currently below -DI(19.51) which indicates bearish sentiment still prevailing for XMR in the market.
The commodity channel index has made a comeback from the oversold region after having a sharp positive divergence. The current level stands at 180.61.
The relative strength index has avoided a downfall to the oversold region with the current level of 57.17. A positive breakout above 60.00 can provide sustainability over the current positive move.
Is XMR Targeting $130.00 Again?
After a comeback from the price level of $119.00 due to the price correction, XMR has made a significant price recovery to $125.00 in a very short span. However, the ongoing bullish move needs to be sustained and should avoid an abrupt volatile move for reaching its target of $130.00.
RESISTANCE LEVEL: $130 & $133
SUPPORT LEVEL: $120
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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.
