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- 1 Monero crypto price is breaching the 50 and 100 moving averages on the daily time frame.
- 2 XMR price is the bulls’ control; it rose by 2.84% this week.
Monero’s (XMR) price is gaining momentum and breaking above the 20, 50, and 100-day EMAs, indicating bullishness in the previous trading sessions. If it breaks the 200 EMA, then the crypto could rally sharply.
The crypto has tested the demand zone near $138 multiple times, finding support and bouncing back. Buyers regained their strength and are aiming for the $160 level in the coming sessions.
The chart structure shows volatility with the crypto facing multiple rejections from the supply range of $150. The lower levels near $140 are acting as a support region, and the crypto bounced from there.
Furthermore, the stock’s trajectory shows that beyond $160, the zone is bullish, and a rally could be seen. But, if further rejection takes place, then the crypto will continue to trade in the congestion zone. Similarly, below $147, bearishness could be extended.
At press time, Monero crypto was $150.38 with an intraday minor loss of 0.08%, breaking below the 200-day EMA, showing bearishness on the charts. Moreover, the intraday trading volume is 54.853 Million. The market cap of Monero Crypto is $2.772 Billion.
Technical Analysis of Monero Crypto Price in 1-D Timeframe
Currently, Monero crypto (USD: XMR) is above the 50 and 100-day EMAs (exponential moving averages), which are supporting the price momentum.
However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, Monero price is expected to move upward giving bullish views over the daily time frame chart.
The current value of RSI is 60.61 points. The 14 SMA is above the median line at 52.67 points which indicates that the Monero crypto is bullish.
The MACD line at 1.06 and the signal line at 0.47 are above the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the XMR crypto price.
Summary
Monero (USD: XMR) technical oscillators support the bullish trend. MACD, RSI, and EMAs demonstrate positive signals, suggesting that the uptrend is likely to continue. On the 1-day time frame, price action suggests investors and traders are bullish. There is a bullish perspective reflected in the price action at the moment. However, investors and traders should avoid FOMO by waiting for a proper setup before moving forward.
Technical Levels
- Support Levels: $147.18 and $141.00.
- Resistance Levels: $151.85 and $160.00.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
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.
