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- Monero price defends 3 months low at $138.00 and bounce back by forming a bullish reversal pattern.
- XMR price slipped below the 50 and 200 day EMA indicates mild bearishnes.
- XMR crypto technical indicators suggesting wide range consolidation.
Monero price is down by 30% from the recent peak and prices slipped below the 200 day EMA showcases downtrend. However, the XMR price is near to the oversold zone and responsive buyers have shown a meaningful recovery from the important support level of $130.00.
XMR price is trading at $147.50 with an intraday loss of 1.66% and 24 hour volume to market cap ratio stood at 0.0382. The pair of XMR/BTC is trading at 0.006686 with an intraday loss of 1.88%. At the beginning of January, Monero price reached the pre FTX collapse level and breakout of $160.00 which forced short sellers to close the short positions. At the same time, XMR price managed to trade above the 50 and 200 day EMA and displayed a golden EMA crossover which indicated the strength of the bullish trend. Later, XMR crypto continued the bullish momentum by forming higher high candles and prices rallied 20% approx in the period of a few weeks.
Monero price may reach $180 in the next bull run
XMR price attempted to reach the $200 mark but unfortunately, the upside rally halted at $187 and formed a strong rejection candle. Monero prices consolidated for a few weeks in the range between $170.00 to $180.00 but sadly bears took over the control and prices broke down the lower range. Meanwhile, the overall market sentiment also turned bearish which negatively impacted the XMR crypto and it lost all its previous gains. Recently, XMR bears tried to pull the price below the $130.00 but luckily some strong buying got triggered from the support level and prices showed sharp bounce.
XMR price is still below the 200 day EMA which will act as an immediate hurdle in coming days. The technical analysis suggests that the XMR prices are in bear grip and the probability of reaching $180.00 is low. However, if market sentiment improves and XMR crypto reclimb $160.00 then we might again expect a positive turnaround.
XMR crypto technical indicators like MACD is on the way to generate a positive crossover indicating mild bullishness but the confirmation is still awaited. The RSI at 46 reversed upward from the oversold zone denotes a balance between bullish and bearish positions.
Conclusion
Monero price is down by 30% form the peak and slipped below 200 day EMA indicates prices are into the bear grip. However, XMR price has defended the $130 support which denotes buyers are still active at the lower levels. The technical analysis of the XMR crypto suggests prices might consolidate for some time before deciding the further direction.
Technical levels
Resistance levels : $170.00 and $187.00
Support levels : $130.00 and $115.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
