Monero Price Analysis: XMR Crypto Making its way through an Interesting Channel, What’s Next?

• On the daily chart, the price of Monero is attempting to recoup itself inside the ascending parallel channel.
• XMR crypto is trading at 20 and 50 EMA but still behind 100a nd 200-days Daily Moving Average.
• The pair of XMR/BTC is at 0.00757 BTC with an intraday drop of 1.70%.

Monero ‘s price is attempting to ascend via an upward channel on the daily price chart. The coin is currently advancing as it approaches the top trendline of the channel. The XMR currency needs to keep up its upward pace in order to recover and break through a respectable resistance level. XMR bulls must maintain the upward momentum in order for the token to be able to break free of the ascending parallel channel with a strong bullish surge. However, bears are attempting to short the XMR market. It is challenging for cryptocurrencies like XMR to successfully rebound in a sluggish market. Investors in XMR must wait until bulls maintain their position at the top trendline of the rising parallel channel.

Currently valued at $154.44, Monero has increased 0.27% of its market value during the past day. During the intraday trading session, trading volume rose by 11.56%. Bulls must gather and push the token upwards because bears are attempting to pull it back near the ascending channel’s bottom trendline. Volume to market cap ratio is 0.03768. 

Source: XMR/USD by TradingView

More purchases are required for the price of the XMR currency to move closer to the top trendline of the channel. However, volume shift suggests that for XMR to rise, improving the accumulation of bulls is required. The price of the XMR currency must increase toward the upper trendline in order for its recovery phase to be seen on the daily price chart.

What do Technical Indicators suggest about XMR?

Source: XMR/USD by TradingView

The daily price chart for the XMR cryptocurrency shows a rising parallel channel in an effort to signal its recovery. The momentum of the XMR cryptocurrency’s decrease is indicated by technical indicators.

The relative strength index shows the strength of the XMR cryptocurrency’s downturn. At 51, the RSI is floating above the neutral line. Inside the parallel channel, MACD shows the XMR coin’s rising momentum. The MACD line is getting ready for a positive crossing while it is below the signal line. Investors in XMR must watch the daily chart for any directional changes.

Conclusion

Monero’s price is attempting to ascend via an upward channel on the daily price chart. The coin is currently advancing as it approaches the top trendline of the channel. The XMR currency needs to keep up its upward pace in order to recover and break through a respectable resistance level. XMR bulls must maintain the upward momentum in order for the token to be able to break free of the ascending parallel channel with a strong bullish surge. However, bears are attempting to short the XMR market. The price of the XMR currency must increase toward the upper trendline in order for its recovery phase to be seen on the daily price chart. The momentum of the XMR cryptocurrency’s decrease is indicated by technical indicators. The MACD line is getting ready for a positive crossing while it is below the signal line. Investors in XMR must watch the daily chart for any directional changes.

Technical Levels

Support Level: $150.00 and $145.00

Resistance Level: $155.00 and $160.00

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.   

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