- XMR token price is bullish and the same is depicted on the daily time frame chart.
- The XMR token price is forming a flag and pole pattern in a 4-hour time frame.
- The XMR token price is currently falling as it showed a strong uptrend.
The XMR token price, as per the price action, is super bullish. The XMR token price recently broke the important supply zone with a strong bullish candlestick pattern. The XMR token price broke the inverted hand and shoulder pattern on a daily time frame. As of now, the XMR token price is forming higher high and higher low formations on a daily time frame. The consequence of a supply zone breakout was a strong bullish momentum as the XMR token price faced rejection at the same zone many times.
As of now, after rising rapidly after the breakout, the XMR token price is now falling. The XMR token price can be seen rising again after retesting the breakout zone. At present, the XMR token price is trading above the 50 and 10p Moving Average. Moving upwards the token price can be seen taking support at these Moving Averages. The XMR token price has also gone past the 14 Simple Moving Average.
The XMR token price is currently trading at the upper band of the Bollinger band indicator after bouncing off the lower band. As of now, the range of the Bollinger band is wide and therefore some consolidation before the further upward move is bound to happen.
The XMR token price is forming a flag and pole pattern in a 4-hour time frame
Average Directional Movement Index: ADX curve is dipping for the past couple of weeks after rising. As the token price broke the supply zone, the ADX curve was also seen moving up rapidly. As of now, the ADX curve is dipping as the token price also falls after a strong bullish momentum. The fall in the XMR token price has resulted in the formation of a flag and pole pattern. Once the token price breaks the flag and pole pattern the ADX curve can also be seen moving upwards.
Moving Average Convergence Divergence: MACD indicator has given a negative crossover as the token falls after the breakout of the supply zone on a daily time frame. The blue line crossed the orange line on the downside. This has resulted in the token price falling strongly. Once the token price starts moving up again after retesting, the MACD indicator can give a positive crossover and the gap between the blue and orange lines can be seen widening supporting the trend. After the breakout of the small supply zone, the token is now trading in a small range, resulting in the consolidation.
Supertrend: The XMR token price stormed past above the supply zone with a strong bullish candlestick pattern. The token broke out of the super trend sell line which triggered the buy signal. As of now the XMR token is trading above the super trend buy signal line. Currently, the token price is seen retracing back to the breakout zone for a retest. Going forward the super trend buys line could act as a strong support zone.Although, the token price is bearish on a 4-hour time.
Conclusion: The XMR token price is on a bullish trajectory despite the recent bearishness. The technical parameters suggest the same. It remains to see if the XMR token price breaks the flag and pole pattern on the upside it fails to do so.
Support: $0.00001400 and 0.00001456
Resistance: $0.00001600 and $0.0000167
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.