- Monero coin is looking bullish as daily price action follows higher momentum above a bullish trend line.
- In terms of the daily price chart, XMR coin is approaching the 50 EMA as resistance after managing costs above the 20 EMA.
- XMR/BTC pair price is trading higher by 3.37% at 0.006483 Satoshis.
Monero (XMR) coin has given a trend reversal sign to investors as they started buying altcoins as their high return asset. But before bouncing back, the altcoin was in a downward trend at the end of April, where holders lost almost 60% of their costs in just 20 trading sessions.
Higher price action on XMR, such as hourly and higher, has been attracting higher-highs and higher-lows formation over the past 12 days. With an upward move, the bulls have a solid buy zone above the uptrend line (yellow).
Over the past two days, the daily price candlesticks have been inside the long-legged Doji candle of May 23. At the same time, the bulls are struggling for a more rally near the $200 to $205 area.
At the time of writing, the Monero token is trading at the $194 mark. According to the CMC, in the last 24 hours, the market cap remains at $3.5 billion, up 4%. Moreover, the XMR/BTC pair price is trading higher by 3.37% at 0.006483 Satoshis.
The bulls need to retest the psychological level of $200 at the earliest. Meanwhile, trading volume has declined by 14.7% in the last 24 hours.
A $200 mark stood to be a resistance zone
Monero investors failed to move the altcoin price above the 100-day exponential moving average in terms of the daily price chart. But still, the presence of above 20 EMA may give relief to the bulls.
Along with the moving averages, the daily RSI broke the halfway mark and headed towards the overbought zone.
Monero coin could see the $250 mark after managing costs above the conceptual round level of the $200 mark. But the bulls need to manage stability in the high field.
Support level – $150 and $120
Resistance level – $200 and $230
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