- XMR token price has moved 50% up after falling almost 300 points in two weeks.
- The coin price has managed to seek support near the 50 EMA in the weekly timeframe.
- The XMR/BTC pair is trading at 0.007588 BTC with an intraday move of 26.8%.
XMR token price rose more than 50% after the coin price fell 300 points due to the failed round bottom pattern and found demand near the 50 EMA in the weekly timeframe. The coin price is ready to move higher, indicated by the long tail in the weekly picture. The increased buying volume helped the bulls in the price jump.
Trend momentum in the weekly timeframe is powerful. The live XMR token price today is $307.30, with a 24-hour trading volume of $975,787,503. The coin is up 27.80% in the last 24 hours. The coin ranks at #27, with a live market cap of $5,505,120,301.
XMR token’s 200 EMA rejects the trendline fallout
XMR token price has been rising higher thanks to the $200 level and 200 EMA in the daily timeframe after the trendline fallout resulting in almost 300 points. The coin price gives a possible retest of the fallout indicated by the low volume of up move. As per the Fibonacci levels, the coin price may find resistance near $355 and $400 levels, and support level at $268.
XMR token’s price is trading below the 50 EMA (yellow) daily and is heading lower to the 200 EMA (white). The EMAs are sloping due to the 300 points fall, indicating an underlying weakness in the up move.
The relative strength indicator (bullish) is trading near 43 and heading higher, indicating increasing bullishness. RSI line is siding with the bulls before reversing, possibly from the 55 levels.
The ADX indicates a gaining momentum as it is trading at 25and the slope in ADX increases, implying a gain of momentum.
Conclusion: XMR coin price is trading higher and giving a possible retest of the fallout. The coin price may fall even lower if the retest succeeds. The increasing selling volume indicates the possibility of the pullback. And also, the momentum growth might favor bears if the fallout occurs soon.
Resistance- $355 and $400