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- 1 Monero Price Prediction suggests that the price is in a consolidation phase
- 2 XMR price is up by 6.50% in the last 7 days.
Monero Price Prediction indicates that bulls may drive momentum for a short while before taking a correction. The XMR price has started making doji and spinning top candlestick patterns after a bullish rally, which indicates exhaustion in the buying pressure. Presently, Monero price is moving within a consolidation range, even though its last resistance level is 11% above the current price.
The technical indicators are implying that Monero is presently at the overbought level on the daily chart. The XMR token will require further buyer support in order to keep moving with a bullish momentum. The volume of candles indicates that there is a slight decline in buying activity.
At present, bulls are attempting to propel the price higher on the daily chart. The price of XMR surged by 10% within the last 7 days. The price action is currently in a consolidation phase, characterized by sideways trading. During this period, the candlestick patterns such as doji, spinning tops, and hammers are appearing, which are typically considered as indicators of a potential trend reversal.
XMR price is trading at $169.8 at press time, with a 9.56% drop in the 24-hour trading volume. The 24-hour trading volume indicates a fall in the trading activity of buyers and sellers.
Monero Price Prediction: Technical Analysis of XMR Price
The relative strength index (RSI) line is currently consolidating near the overbought level, positioned above the 14-day SMA. This suggests a potential negative crossover with the 14-day SMA, indicating a possible further decline in the price of XMR in the near future. The present value of stochastic RSI is 72.80 points whereas the 14-day SMA is moving around 69.90 points.
The stochastic RSI line is in the supply zone. The %K and %D lines may soon make a bearish crossover below the 80 RSI level. This potential bearish crossover suggests a weakening momentum and a potential downside movement in the price. The current value of stochastic RSI is 82.58 points.
Conclusion
The price of XMR is trading below its previously established resistance level. If the price fails to break above its current resistance levels, it might see a further decline in value. The technical indicators are implying that Monero is presently at the overbought level on the daily chart. XMR token requires major buyer support in order to keep moving with bullish momentum in the near future, whereas the candlestick patterns suggest that sellers are entering the market.
Technical levels
Support – $150.0
Resistance – $200.0
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
