- Monero price is trying to recover itself inside the rising parallel channel over the daily chart.
- XMR crypto has recovered above the 20, 50, and 100-day Daily Moving Average.
- The pair of XMR/BTC is at 0.006885 BTC with an intraday drop of 0.57%.
Over the daily price chart, Monero’s price is attempting to climb via an upward channel. The coin is currently gaining as it climbs near the channel’s top trendline. For the XMR currency to bounce back and pass a respectable resistance level, it must maintain the momentum of the current increase. For the token to be able to break free of the ascending parallel channel with a powerful bullish surge, XMR bulls must continue the upward momentum. Bears are trying to short the XMR market, though. In a weak market, it is difficult for cryptocurrencies like XMR to successfully recover. Investors in XMR must hold off until bulls maintain their position at the ascending parallel channel’s top trendline.
Monero’s estimated price is $160.50 at the moment, and during the last day, it has lost 4.17% of its market value. Trading volume decreased by 6.88% during the intraday trading session. Bears are attempting to yank the token back towards the ascending channel’s lower trendline. The volume to market cap ratio is 0.04673.
For the price of the XMR currency to advance more quickly toward the channel’s top trendline, more buyers are needed. However, volume change indicates that improving the accumulation of bulls is necessary for XMR to soar. For its recovery phase to be seen on the daily price chart, the price of the XMR coin must rise toward the upper trendline.
What do Technical Indicators suggest about XMR?
In an effort to signal its recovery, the XMR cryptocurrency’s daily price chart displays a rising parallel channel. Technical indicators point to the XMR cryptocurrency’s decline in momentum.
Relative Strength Index showcases the downtrend momentum of XMR crypto. RSI is at 58 and is heading towards neutrality. MACD exhibits the downtrend momentum of the XMR coin. The MACD line is below the signal line after a negative crossover. XMR investors need to wait for any directional change over the daily chart.
Conclusion
Over the daily price chart, Monero’s price is attempting to climb via an upward channel. The coin is currently gaining as it climbs near the channel’s top trendline. For the XMR currency to bounce back and pass a respectable resistance level, it must maintain the momentum of the current increase. For the token to be able to break free of the ascending parallel channel with a powerful bullish surge, XMR bulls must continue the upward momentum. Bears are trying to short the XMR market, though. However, volume change indicates that improving the accumulation of bulls is necessary for XMR to soar. Technical indicators point to the XMR cryptocurrency’s decline momentum. The MACD line is below the signal line after a negative crossover. XMR investors need to wait for any directional change over the daily chart.
Technical Levels
Support Level: $157.00 and $155.00
Resistance Level: $175.00 and $180.00
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.
