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- Monero (XRP) price is centering higher-low under an ascending parallel channel.
- On the daily price chart, XMR price is trading above the 20 DMA and below the 50 DMA.
- The daily RSI is holding above the semi-line after a reversal from the oversold zone.
Monero (XMR) price remained higher along with strong buying pressure. XMR price against the USDT pair is trading at $139.44 at press time. This price recovery happened only because of the conceptual round level. Buyers swung into action during the selloff at the key $100 round level and reversed the crypto price trend.
XMR Crypto on 2 Hour Chart
Monero crypto price is looking sideways to bullish momentum in the hourly chart. XMR price focuses on higher-low under ascending parallel channel. As of now the $140 level is creating a selling possibility this week. Buyers need to break this resistance level as soon as possible.
If buyers flipped $140 into immediate support then bears are ready to sell XMR at $150 level. Meanwhile, market capitalization seems neutral in the last 24 hours, reported at $2.53 Billion as per CMC. Moreover, the XMR coin concerning the Bitcoin pair looks under bear’s control as the pair down 2.07% at 0.008231 satoshis.
Monero on Daily Price Chart
Amidst the high-low pattern, XMR price remains above the 20 DMA (acts as support) and the 50-day moving average still remains as a resistance level on the daily time frame. Buyers are getting ready for a sharp rally in XMR price.
The trading volume also increases during the ongoing soft uptrend. The daily RSI remains above the semi-line after reversing from the oversold zone, now the bulls are targeting price gains until the RSI peak reaches the overbought zone.
Conclusion
Monero (XMR) price is struggling just below the 50-day moving average to continue the bullish rally. The $140 level is creating selling potential this week, so the bulls should break this resistance level as soon as possible.
Support level – $125 and $100
Resistance level – $140 and $170
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas 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.
