The Market Periodical
  • Home
  • Markets
  • Opinion
  • Cryptocurrency
  • Blog
Contact Us
  • Login
The Market Periodical
  • Home
  • Markets
  • Opinion
  • Cryptocurrency
  • Blog
Contact Us
The Market Periodical
Home Cryptocurrency

Monero Price Analysis: Will XMR Maintain the Uptrend Momentum and its Recovery in this Channel?

Ritika Sharma by Ritika Sharma
August 9, 2022
in Cryptocurrency, Markets, News
0
Monero Price Analysis: Will XMR Maintain the Uptrend Momentum and its Recovery in this Channel?
206
SHARES
1.6k
VIEWS
Share on FacebookShare on Twitter
  • 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.

Related articles

Top 10 RWA Altcoins To Keep An Eye On

Top 10 RWA Altcoins To Keep An Eye On

October 2, 2023
Top 3 Solana Projects to Keep an Eye on to Stay Ahead of Investors

Top 3 Solana Projects to Keep an Eye on to Stay Ahead of Investors

October 2, 2023
Source: XMR/USD by TradingView

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?

Source: XMR/USD by TradingView

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.     

Share82Tweet52
Ritika Sharma

Ritika Sharma

Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

Related Posts

Top 10 RWA Altcoins To Keep An Eye On

Top 10 RWA Altcoins To Keep An Eye On

by Nancy J. Allen
October 2, 2023
0

Real-world asset (RWA) altcoins are a novel form of cryptocurrency backed by tangible assets like real estate, gold, and stocks. They...

Top 3 Solana Projects to Keep an Eye on to Stay Ahead of Investors

Top 3 Solana Projects to Keep an Eye on to Stay Ahead of Investors

by Ritika Sharma
October 2, 2023
0

Solana is a fast, scalable, and secure blockchain that is attracting attention from investors and developers.Solana's total value locked (TVL)...

How Is Cryptocurrency Revolutionizing The Gambling Industry?

How Is Cryptocurrency Revolutionizing The Gambling Industry?

by Nancy J. Allen
October 2, 2023
0

The advent of cryptocurrency has brought significant changes to the gambling industry. It has created a new sector combining financial innovation...

Fintech In The Front, DeFi In The Back-Igniting A Crypto Revolution

Fintech In The Front, DeFi In The Back-Igniting A Crypto Revolution

by Nancy J. Allen
October 2, 2023
0

The mainstream audience might notice the realization of crypto's potential. This narrative lost its prominence during a prolonged crypto winter and...

Data Security in Blockchain With Cryptography 

Data Security in Blockchain With Cryptography 

by Ritika Sharma
October 2, 2023
0

Blockchain is secure, but extra security, like cryptography, is needed for blockchain data. The global blockchain security market will reach $25.7...

Load More
  • Trending
  • Comments
  • Latest

Kadena price analysis: KDA coin is following the upwards trendline after forming the bullish pattern

February 9, 2022
AMP Price Analysis: AMP Coin Trading in Horizontal Range-Bound consolidates, Will it be able to retain up to $0.088?

Will Amp Token’s Escalating Demand Drive Its Price To $1?

February 21, 2022
cryptocurrency

AQUA Airdrop is set to Roll out!

January 7, 2022
MIOTA Price Analysis: IOTA Token Price Struggles To Sustains Higher Than $1 Mark

Firefly Wallet Powered by IOTA, Starts Staking on Shimmer and Assembly Tokens

December 23, 2021
Top 10 RWA Altcoins To Keep An Eye On

Top 10 RWA Altcoins To Keep An Eye On

0
Bitfinex

Bitfinex Lets Users Earn on their Bitcoin with Celsius

0
Binance Burned the Highest Number of BNB Tokens Till Day Worth $68 Million

Binance Burned the Highest Number of BNB Tokens Till Day Worth $68 Million

0
Cryptocurrency

U.S. Congress Members Have Introduced 40 Bills on the Subject of Cryptocurrencies

0
Top 10 RWA Altcoins To Keep An Eye On

Top 10 RWA Altcoins To Keep An Eye On

October 2, 2023
Top 3 Solana Projects to Keep an Eye on to Stay Ahead of Investors

Top 3 Solana Projects to Keep an Eye on to Stay Ahead of Investors

October 2, 2023
5 Applications of AI and Machine Learning For DataOps

5 Applications of AI and Machine Learning For DataOps

October 2, 2023
How Is Cryptocurrency Revolutionizing The Gambling Industry?

How Is Cryptocurrency Revolutionizing The Gambling Industry?

October 2, 2023
  • Home
  • Contact Us
  • SUBMIT PR

© 2022 The Market Periodical

 
No Result
View All Result
  • Home
  • Markets
  • Opinion
  • Cryptocurrency
  • Blog
  • Contact Us

© 2018 JNews by Jegtheme.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password?

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?