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- The Monero is getting a step closer to following the upward trend
- The current price of Monero is approximately $167.01
- The pair of XMR/BTC is around 0.006818BTC
The bulls have tried so hard to bring this upward momentum in the XMR price breaking the bullish trend. The upward trend has brought a wave of joy in the investors the price is approaching the resistance this steady upward momentum could make whales move. Which could be a turning point for the Monero. The price of the coin may become unstable the bulls must be ready for ant drastic change over the daily price chart.
The current price of Monero is around $167.01. With a total incline of around 2.38% in the last 24 hours. The pair of XMR/BTC is approximately at 0.006818BTC.With an increase of 0.01% during the intraday trading session. If the bulls plan for XMR it can gain great potential. With such potential, it may reach up to the primary resistance of $169.62 and it may break up to the secondary resistance of $189.60. And if the bears come to manipulate the market with new strategies which bulls are not aware of then this will be a harsh defeat to bulls by bears. The price may reach the primary support of approx $157.91 And it may fall upto secondary support of $153.84 after such a fatal defeat by bears.
The decrease in the volume of XMR during the intraday trading session is approx 27.35%. The volume to market cap ratio is 0.03351. The continuous decrease in the volume of coins indicates that the short-selling pressure is increasing. This time the bears will push themselves harder to bring back the bearish trend again. The bulls have got in trading, and the bullish trend is currently in motion.
Know about some technical terms of XMR
The technical indicator shows the following: The Relative Strength Index is moving towards overbought territory from neutrality The bears must work hard to get the RSI back to neutrality However, bulls are taking advantage and pushing the RSI into the overbought zone. The current value of RSI is 58.60 which is below the average RSI which is 59.95. The price of the coin is above the Exponential moving average of 20 50,100. And the coin has to still lag behind the 200 Daily Moving Average But the bears and bulls are trying to meet the expectations of the Investors. XMR investors are eagerly waiting for any directional change over the daily price chart.
Technical Levels
Support Levels: $157.91 and $153.84
Resistance Levels: $169.62 and $189.60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
