- XMR coin trading inside a small range between the $230 and $185 level.
- The XMR/BTC pair was trading at 0.006228 BTC with a gain of 0.14 %
- The current price of the XMR coin stands at $215, established on the back of a 1.85 % increase in the past 24 hours.
The XMR coin price seems to be taking some rest near the $185 support level showing a short consolidation in the chart. The range consists of $230 and $185 as the key resistance and support, respectively. Investors can wait for a breakout from any of these levels to capture a good directional move in the coin.
Regarding the EMA’s, the XMR coin shows a strong bearish trend as the price is trading below all the crucial EMA’s 20, 50, 100, and 200; in which the 20 EMA acts as an excellent dynamic resistance for the coin and also shows the 50 EMA and 200 EMA are on the verge of giving a death crossover if the price continues to move lower.
The RSI (BEARISH) value is at 44, which indicates a slightly bearish momentum. However, investors can see a small bullish divergence in the RSI which could suggest a bullish breakout from this range.
XMR Coin Shows An Inverted Head And Shoulder Pattern In The 4hr Time Frame Chart
THE XMR coin price shows an excellent inverted head and shoulder pattern in the 4hr time frame chart providing a good long opportunity for traders interested in this coin. Also, the neckline for this pattern is the same as the key resistance of the short-range in the daily time frame i.e, the $230 mark. In addition, investors can notice good coinciding of the traditional pivot level with the marked SR levels, which can be used to add more qty or adjust the stop loss of their trades.
The MACD indicator shows a bullish crossover of the MACD and the signal line indicating a buy signal, as these lines are also on the verge of crossing the neutral zone. In addition, the histogram also shows the formation of rising green bars indicating a shift in the momentum.
Conclusion: From the technical perspective, the XMR is currently taking a rest by consolidating in a small range. However, as mentioned above, the price shows some good indication of a bullish breakout from the $230 level, and if it does, traders can grab an excellent long opportunity here. However, for this to happen, the price has to break this crucial resistance level or the small range will continue its path.
Support– $200-$185
Resistance– $230
