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•XMR/USD is currently priced at $137.50 and has decreased by 0.95% over the past day
•The trading volumes have decreased by 15.90% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: XMR bulls enjoy a morale boosting win over the bears
The Monero price today is $137.50 USD with a 24-hour trading volume of $69,462,600 USD. Monero is down 0.95% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.02774 for the altcoin.
Monero bulls have strengthened their stance in the market and they seem to transact from a position of strength. The positive outlook has been further boosted by the XMR Price now transacting above the 20,50 SMA on the four hour chart. The breach of the resistance level placed at $150 could entice the asset to resume its northbound journey. On the flip side, the support level placed at $120 could come into play in the near term if the asset undergoes a transformation in the near term, with the return of the sellers in the market.
Long Term View for Monero
The technical indicators for XMR are painting a rosy picture, keeping in line with the positive sentiment brewing in the altcoin. The RSI has climbed above the 14-day average line and is currently transacting at 51.06. Ever since the occurrence of a bullish crossover on the daily chart a week or so ago, Monero Coin has been gaining a good reputation in the market. The bullish sentiment is lent weight by the increasing size of the green histograms as well as the rapid ascension of the MACD and signal lines towards the positive territory.
Conclusion
XMR has taken a bullish turn of events which is not to be judged by the minimal gains enjoyed by Monero. The technical indicators for XMR suggest a positive outlook for the near term.
Support: $130-$120
Resistance: $140-$150
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
