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- 1 Monero price is up by 4.86% since the previous month and defends the $150.00 level.
- 2 XMR price is trading above the 50 and 200 day EMAs showcasing an uptrend.
- 3 XMR crypto price recovered (approx.) 20% from the recent low at $132.00.
Monero price is up by 4.86% since last month and recovered 20% from the recent swing low at $131.00. XMR price also broke out of the downward sloping trendline which shows the short term trend is reversed in the upward direction.
XMR price managed to climb above the 50 and 200 day EMAs generating positive sentiments for investors. However, prices seem to be lacking momentum on the higher levels and are getting stuck in a narrow consolidation range.
Monero price is trading at $160.50 with an intraday rise of 0.19%. The 24-hour volume to market cap ratio at 0.0257. The pair of XMR/BTC is trading at 0.005792 BTC with an intraday rise of 1.83%. At the beginning of February, XMR price faced resistance near $180.00 and began to decline by forming lower low swings.
Slow and steady, XMR price fell approximately 28% from the recent peak and lost all its previous gains. During the fall, Monero price also dropped below both EMAs, inviting further decline and hitting a new low at $131.00.
Will Monero Price Continue to Rise?
Monero price approached the demand zone and formed a bullish engulfing candle indicating the initial signs of trend reversal. The volume increased for some time indicating some genuine buyers had accumulated from the lower levels. However, currently, the volume is in a declining phase denoting prices lacked direction and might consolidate for some more time.
Technical analysis suggests that XMR price is in bulls grip and if it sustains above both the EMA then we might see upward momentum to continue in coming months.
XMR Price Holds the Trendline
XMR price formed a bullish hammer candle on a weekly basis and tried to break the $165.00 level but witnessed minor profit booking. However, the prices are still above the trendline and the short term trend is working in favor of the bulls. The MACD generated a positive crossover and histogram bars are on the rise indicating bullishness. The RSI at 56 indicates more room for upside.
Conclusion
Monero price showed a decent bounce from the support levels and succeeded to push the price above the $150.00. Technical analysis suggests XMR price is in bullish grip and might try to reach the $180.00 mark in mid-2023.
Technical levels
Resistance levels : $170.00 and $187.00
Support levels : $150.00 and $131.00
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.
