- Monero (XMR) coin is present inside ascending triangle pattern amid bullish rally.
- At that point, the XMR price is approaching the upper band of the Bollinger Bands indicator.
- How can a rally happen when trading volumes continue to drop?
The Monero (XMR) coin is recovering its primary loss after losing its cost amid a dramatic drop. This happens as buyers defended themselves from further bloodshed below the $100 conceptual round level. The critical support level is still valid, so any drop bulls would expect a bounce-back near this accumulation point.
According to XMR price action, buyers bought each downside after a turnaround from 60-day lows. Meanwhile, the price of the asset follows the upward trend line (bottom of the chart). And the bulls have placed buy orders near this horizontal support until the price reaches the $135 resistance area.
The price action is displaying an ascending triangle pattern on the base window. In the midst of following a bullish pattern, the Monero coin is trading at the $127.7 mark against the USDT pair at the time of writing. Also, the price of XMR pair with BTC is slightly higher at 0.006245 Satoshi.
Meanwhile, as per CMC’s data for the last 24 hours, the market cap remains above $2.3 billion, up 2.6%. Despite the fact of bullishness, trading volume continues to decline, so it is a sign of volatility in the bullish rally of XMR Coin.
Why XMR price moves higher whereas Trading volume is lower?
On the daily price scale, XMR price is approaching the upper band of the Bollinger Bands indicator. The mid-band (20-day moving average) is a support in the middle of the uptrend.
The Daily RSI has gained momentum after dipping into the oversold zone.
Conclusion
Monero (XMR) investors managed to manage a daily price chart above the mid-band of the Bollinger Bands indicator after a long period. Hence the bulls have placed their buy orders near the horizontal support line until the price reaches the immediate resistance area of $135.
Support level – $100 and $75
Resistance level – $160 and $200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss