•XMR/USD is currently priced at $129.45 and has decreased by 3.16% over the past day
•The trading volumes have increased by 19.53% over the past day
•The technical indicators suggest a neutral outlook for the near term
Short Term View: Monero bulls urged to keep up the good work
The Monero price today is $129.45 USD with a 24-hour trading volume of $110,833,144 USD. Monero is down 3.16% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.04708 for the altcoin.
XMR has been in a steady decline ever since the start of November, with the bulls coming under heavy pressure over the said period. The bulls have however, come to the aid in recent days but the XMR Price is still transacting below the 20,50 SMA on the four hour chart. The Monero bulls will be aiming to flip the momentum by scaling the resistance level placed at $135. The bears, on the other hand, will be tasked with breaching the $125 support level so that the asset comes in line with the prevailing market sentiments.
Long Term View for XMR
The technical indicators for Monero suggest that the bulls have entered the fray once again as the RSI has risen from the depths of the oversold territory to currently transact at 42.54. The red histograms have decreased in size on the daily chart as a result of the renewed efforts of the bulls. It remains to be seen whether they can fully capitalise on the start of this will prove to be another false dawn for the altcoin.
Conclusion
The technical indicators for Monero suggest that the selling pressure has eased somewhat in recent days after a swift turnaround by the bulls. XMR is likely to undergo a period of accumulation in the coming days before we can expect a bullish rally.
Support: $125-$120
Resistance: $135-$140
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.
