- The technical indicators are giving a ‘buy’ signal for the XMR coin.
- Monero has given a return of 2.25% in the last week, showing signs of consolidation.
- XMR has an average trading volume of $49.9 Million.
The XMR coin is currently giving signs of upward momentum. The coin price is currently moving inside a range.
The current trading price of XMR coin stands at $147.40, reflecting a modest increase of 0.14% in today’s market session. XMR boasts an average trading volume of $49.9 Million and a total circulating supply of 8.3 Million coins.
Monero (XMR) reached its all-time high of $517.62 on May 17, 2021, but subsequently experienced a significant decline, amounting to nearly 73%. However, it discovered support around the $107 level, leading to a price rebound. The overall pattern of the coin suggests a positive trend, with the price trading within a specific range. A breakout above the resistance level could potentially result in further upward movement in the days ahead.
Furthermore, the coin has generated a return of 4% over the past year, indicating that it is currently in a consolidation phase, and poised for a potential significant upward movement.
Technical indicators are giving a ‘buy’ signal for the coin, which bodes well for its future. This ‘buy’ signal paints a positive picture of the coin’s price, and will likely attract new buyers looking to establish fresh positions.
Recent trading activity has also seen an uptick in volume, accompanied by larger green candles, signaling increased buyer interest.
Monero (XMR) Coin Price Prediction
XMR by writer50_tcr on TradingView.com
The Monero (XMR) coin’s MACD line is currently positioned above the signal line, and a green histogram has formed. This signals that Monero (XMR) is presently in a bullish trend, suggesting the possibility of price increases in the near future.
Both the 14-day SMA line and the RSI line for Monero are close to the 60 level. This points to a potential price increase in the near future.
Conclusion
As per the analysis, the XMR coin is currently moving inside a range and the price has been consolidating for a while. However, the overall sentiment is favoring an upward move. The coin has also shown a positive return in the previous year. Thus, if the price breaks above the present resistance level, a further rise in the price may be expected in the upcoming days.
Technical Levels
- Support Level: $107.34
- Resistance Level: $188.34
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
