Can XMR have the Potential to Make a New Yearly High Over $138.80?

  • XMR slips from the 52-week high of $138.80 after the bullish movement from $101 as its monthly low point, currently trading at $124.80
  • The XMR/USD pair also drops by -1.73% standing at 0.00947724 BTC 
m1
Source:tradingview

The monthly chart of Monero gives an impulsive movement from its low of $83.55  and makes a new 52-week high of $138.80. XMR is currently trading at $124.80 with a loss of -4.70% in the last 24-hours, while on a weekly chart it loses only -0.11%. The volume traded in the last 24-hours is $1,758,618,765 and overall market capitalization remains at $2,200,855,792. 

On analyzing the 4-hours weekly chart pattern, Monero makes a double top pattern and tested twice the level of $138 and faced rejection. Level of $117 & $110 acts as the support level for it. On the other hand, $138.80 acts as the major resistance level for the digital asset.

m2
Source:tradingview

The Relative Strength Index (RSI) is trading at 32. Over the chart, it sharply slips from the higher region and now trending down to the oversold zone, however,  attempted several bounces back but fails. It also makes lower lows indicating less strength in the crypto asset.

   The Commodity Channel Index (CCI) also corrected from the bullish zone with the large magnitude of downfall and currently stands at -168.00. On Thursday’s trading session`s chart, it tries to recover but fails and now again downtrending the lower level in the coming trading session.

m3
Source:tradingview

Moving Average Convergence & Divergence (MACD) gives a sharp negative crossover when the bull`s line (blue) fails to cross the bear`s line (red line).

 Is The Top of $138.80 Final For XMR Over 52-Week Chart?

As after the bull run, the coin drops from highs and trades at $124.80. Favouring bears,  on the downside fib 0.382 ($117) is strong support and if it breaks, the new support at fib 0.5 ($110) is the last hope for bulls. In the coming trading session, $134.80 will act as a strong resistance. The technical levels are currently showing no signs of recovery indicating that the comeback of bulls won’t be soon. The current 52-week high looks tough to break for XMR.

Support level: $117 & $110

Resistance level: $138.80

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Pratik Chadhokar
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.

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