XMR Price Buckles In Supply Zone, Recovery Chances?

• XMR price has undergone a correction and a breakout is anticipated.
• Monero price is struggling to surpass the key moving average which showcases the bears’ grip.

The XMR price has been struggling below the $185 hurdle since 2023. The price has undergone a consolidation phase in a higher time frame. Since 2023, the buyers have attempted 5 times to overcome the major resistance level of $185 but have failed to do so.

On the flip side, the price managed to defend the $100 hurdle, reflecting buyers’ interest. In 2024, the sellers attempted to drag down the price below the $100 mark twice, but buyers have lifted the price to the major resistance level of $185.

In the first week of June, the Monero price had reached the $185 mark. The chart structure has displayed profit booking as the price slipped below the 200-day EMA.

Turning to the technical indicators, the RSI generated a golden crossover with the RSI-based EMA. However, after a brief decline, it found support on the RSI-based moving average and is headed for the overbought zone. This journey could end well for XMR investors.

Is a Massive Upsurge Loading in Monero Crypto?

A source on X claimed that XMR reached a breakout level in the monthly time frame; the price formed a symmetrical triangle pattern.

If the digital asset price breaks out from the triangle, strong buying momentum will be anticipated. If the price surpasses the last swing high, investors may show faith which may result in strong buying pressure.

XMR Price Produces Flag and Pole Pattern; Could it Break Out?

Monero crypto was being traded at $149.86 at press time, it dropped by 1% in the past 24 hours. It has a market capitalization of $2.76 Billion and the 24-hour trading volume is $46.26 Million. The circulating supply and the total supply is 18,446,744 XMR.

According to the technical chart, the price has performed positively for the past few months. It has been declining through a descending channel which demonstrates that the price underwent a correction phase.

On a daily time frame, the crypto price has formed a flag and pole pattern. If the price breaks out from the channel, buyers may attempt to surpass the major resistance level of $185. Exceeding this hurdle would be a bullish sign and the price may surge further.

On the other hand, if the price fails to exceed the upper descending trendline, sellers may dominate further. If the price remains below the key moving average, sellers might be in control.

XMR Price Analysis

XMR is currently facing a crucial challenge as it struggles to surpass the $185 mark. Despite several attempts by buyers, the price has been unable to overcome this major resistance level since 2023. On the positive side, the price has managed to defend the $100 hurdle, indicating buyers’ interest in this range. Technically, the RSI has shown positive signs, generating a golden crossover with the RSI-based EMA. 

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.