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- After a long battle, the bulls have now successfully established dominance over the market.
- The crypto asset is moving below the 20, 50, 100, and 200 daily moving average.
- The XMR/BTC pair is at 0.005914 which is at a loss of 1.07% in it.
XMR has the third-largest developer community among cryptocurrencies, behind bitcoin and Ethereum. Its privacy features have attracted cypherpunks and users desiring privacy measures that are not provided in other cryptocurrencies. It is increasingly used in illicit activities like money laundering, dark markets, etc.
The XMR price after a long bearish dominance has started its uptrend journey over the daily chart. This signifies the return of bullish dominance over the market, which is a relief for XMR investors. The bulls have successfully pushed the price above the exponential moving average and they have also managed to push the volume to support this uptrend movement. The trading volume has gained 5% over the intraday trading session. This can be a good time for investors to make a swing entry into the market.
The current price for one XMR coin is trading at $126.89 with a gain of 1.87% in its market capitalization in the last 24 hrs. The coin has a trading volume of 75 million which is at a gain of 5.43% in the 24 hrs trading session and a market cap of 2.3 billion. The volume market cap ratio is 0.03274.
Short-term Analysis For XMR
While analyzing the graph for the short term (4 hrs) the waves of the uptrend can be observed, XMR bulls need to surf over these waves and get over this bearish dominance for a long time until the coin gets a successful recovery.
The uptrend signal is getting strong as the price just now witnessed a positive crossover with the multiple EMA of 20, 50, 100, and 200 days.
In support, the MACD indicator is indicating the same as the MACD line is moving above the MACD signal line. The relative strength index after a long upward movement is now moving neutrally as it had a near-miss with the oversold mark.
Conclusion
The XMR price after a long bearish dominance has started its uptrend journey over the daily and hourly chart and the trading volume has gained 5% over the intraday trading session. The technical indicators appear a bit manipulative but support an overall uptrend movement.
Technical levels
Resistance levels: $145 and $150
Support levels: $110 and $96.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
