- Monero XMR can be seen breaching the multiple resistance zone from the past few weeks
- Monero Friday’s price $162.64 which is up 3.19% in last 24 hours and 3.70% from last week
- XMR/BTC is having a negative impact of -0.51% in saturday’s market session
Source: Coinmarketcap
The weekly price performance chart of Monero highlights the positive momentum built by the price levels by breaking above multiple resistance zones. The price levels have shown modest retracement signs until now and can be looking for a new 52-week high above $168. The market price is placed at $162.64, having an overall gain of 3.19%, with the help of the overall market conditions. Performance of the XMR/BTC pair is also supporting the current bullish move of the coin.
Technical Levels Looks Bullish With a Modest Retracement For Monero (XMR)
The technical chart highlights the positive momentum of XMR by resting its 52-week high of $168.79. The resting resulted negatively as the coin faced severe negative moves and arrived at the major support level of $147.26. After touching the support level it provided a positive bounce back and ensured that the positive move of the coin remains sustainable. The price levels provided a positive movement above the resistance zone of $159.14 with the positive move’s help.
If we dive into the 30 min time frame of the weekly chart a Bullish Engulfing candle is formed which is also a buying signal for the traders.
Supertrend indicator also indicated a buying signal for the bullish trend for next few trading sessions.
The Moving Average Convergence & Divergence (MACD) had a bullish intersection and is expected to provide more positive movement to the coin.
The Relative Strength Index (RSI) is moving positively, targeting towards the overbought region standing at value of 60.
Conclusion
Monero (XMR) is in a bearish trend for now, The prices were rising from last week and settling up for a new 52 week high of $168, The price can move upwards towards the 2nd resistance zone which is formed in past, if buying like this continues, which is a positive sign for the coin.
Resistance: $159.14
Support: $147.26
