- Recently, the Monero coin retested the lowest verge of descending wedge pattern and is trying to sustain above it.
- The RSI dipped into oversold territory and bounced back from the 30 mark.
- XMR/BTC pair price is signaling bullish by 3.69% at 0.004033 satoshis.
Monero coin has been trading under the descending wedge pattern for more than 5 months, and recently coin price recovered from the lowest point of the following pattern. However, buyers have lost the crucial $180 support, which level was validated for the past year. Furthermore, the fundamental $180 level could be the following resistance level border ahead.
While on the one hand, the coin is trading in the falling wedge channel, on the other hand, today XMR coin is bullish by 7.07% at $152.2. The coin has lost 29% trading volume over the past 24-hours trading session. After the sharp sell-off, buyers are trying to sustain the coin price above the key $140 support mark. If asset breaks down the crucial $140 support, then buyers could witness a bloodbath; hence the coin could move to $122 level.
In the daily price chart, the 50-day moving average stood the point of volatility, and 200-MA indicates the long-term view. XMR is trading below the significant moving averages (including 20,50,100, and 200 MAs), which signals the intense weakness in the asset. If holders really want to reclaim Coin’s price, they will have to breach $180 key resistance with favorable trading volume.
XMR price action shows higher-high formation over 4-hours time frame
Now the XMR price with the Bitcoin pair is trading above the demand zone. Pair appears consolidation phase over the past 4 days, where 0.0041 satoshis-resistance and 0.003850 satoshis-support. At the time of writing, the XMR/BTC pair price is slightly bullish by 3.85% at 0.004034 satoshis. Pair could face a bullish resistance at 0.0043.46 BTC which is the neckline of double top formation.
The RSI fell into the oversold territory after the indicator broke the halfway level, which is the 50 mark. The RSI is now at 36, which is considered a bullish signal in the near term to reach 50; Buyers are likely to take advantage of this signal and push the cryptocurrency upwards.
Conclusion
Investing may occur if buyers maintain the monero coin’s price at the current level, and the coin may retest the next resistance level of $180.
Resistance level- $180 and $230
Support level- $125 and $110
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.