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- The Monero was at $158.92, increasing 0.08% during the intraday trading session.
- The 24-hour low of XMR was $157.64 and the 24-hour high of XMR was $159.37.
- The Monero token price is above 20, 50, 100, and 200-Day EMA.
The pair of XMR/BTC was trading at 0.005692 BTC with a rise of 0.40% over the intraday trading session. The token, however, experienced a fall of 26.89% in the previous trading year under a bear market. Due to strong selling pressure in the market, the XMR token fell to its primary support level of $141.756 at the end of 2022.
Since the start of 2023, the XMR token was in an uptrend with the support of active buyers present in the market. This helped the token price’s primary and secondary resistance and entered its distribution phase or the supply zone showing that the buyers were in control of the market. However, the formation of the evening star candlestick pattern after the uptrend might be cause of the previous downtrend as can be seen over the daily time frame chart.
As soon as the Monero price reached its secondary support of $132.10 the buyers again entered the market pushing the token price upward. However, when the token tried to break its primary resistance of $159.62 the token price got rejected and since then it is consolidating between its upper and lower limit which shows that neither buyers nor sellers have the upper hand in the market.
If buyers provide enough demand to drive up the price, Monero’s price has the potential to increase in the near future, according to Monero’s price prediction. This implies that if the token is able to break out of its consolidation phase with the assistance of buyers, it may experience a bullish rally on the chart.
Over the past 24 hours, the volume of the coin has fallen by 14.68%, indicating an increase in the number of sellers. This suggests that sellers are making an effort, however, the lack of a correlation between volume and the price of XMR represents a weakness in the current bullish phase, and a potential reversal may be on the horizon.
The technical analysis of Monero:
RSI is increasing in the oversold zone and is showing a positive crossover which indicates that the buyers are coming in the majority and pushing XMR upwards. This suggests the weakness of the current bullish trend. The current value of RSI is 53.67 which is above the average RSI value of 52.47.
The MACD and signal line have been increasing, suggesting a potential positive crossover on the daily chart, which aligns with the RSI’s analysis. Moreover, both MACD and signal lines are above zero, indicating a buying sentiment in the market. It is crucial for investors to closely monitor the charts during the day’s trading session.
Conclusion
Monero (XMR) has been in an uptrend since the start of 2023 with active buyers supporting the token’s price. However, the formation of an evening star candlestick pattern after the uptrend and rejection at the primary resistance level suggests a potential reversal on the horizon. The XMR token is currently consolidating between its upper and lower limits, indicating that neither buyers nor sellers have the upper hand in the market. Monero’s price prediction suggests that if buyers provide enough demand to drive up the price, the token has the potential to experience a bullish rally on the chart. Nonetheless, the current weakness in the bullish trend, as indicated by the RSI, and the falling volume of the coin should be carefully monitored by investors during the day’s trading session.
Technical Levels-
Resistance level- $159.624 and $167.843
Support level- $141.756 and $132.10
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
