- XMR price was outperformed by 63% of the top 100 crypto assets.
- The Monero token’s price volatility was medium, indicating stability in price.
The technical chart of Monero (XMR) price showed a strong breakout above dynamic levels. It sustained above the breakout levels, showing buyers’ dominance in the token price.
When writing, the Monero token had a solid market presence, with a market cap dominance of 0.15%. It also was the 25th largest token in the global crypto market and had a market cap value of $3.13B.
The Monero price witnessed a slight decline of 0.39% in the past 24 hours. Following this, the token’s traded volume also witnessed a slight advance of 3.1%. That resulted in a value of $46.293M, which resulted in lower liquidity and a volume/market cap ratio of 1.41%.
The supply inflation in XMR crypto was also very low at 0.62%. It was the token’s one of the most positive factors after a circulating supply of 18.446M XMR.
The Monero coin price sentiment was also bullish, while the Fear and Greed Index was at 39. It showed fear among the token’s investors, and the price was down by 71% from its all-time high price.
Monero Token Witnesses Strong Tug of War Between Buyers and Sellers
When writing, longs worth $12.89K were liquidated in the past 24 hours. The token’s short liquidation was also close, valuing $13.45K, which showed uncertainty in price.
Additionally, the derivatives activity was dormant in the last 24 hours, as a slight decline of 2.3% in the token’s derivatives volume was recorded. This resulted in a traded value of $13.02M, which was much lower than the token’s spot volume.
A decline in the token’s open positions was also recorded as its open interest declined by 4.6% in the previous 24 hours. The open interest further resulted in a value of $12.97M, and the token’s long/short ratio was 0.992.
What Does Technical Chart Indicate About the Price Structure?
The XMR crypto price traded above significant levels, and it seemed to be drying over the last few days. Let’s look into the technicals in detail and make an XMR price prediction.
The overall price structure of the XMR token was bullish as it had advanced to higher levels.
The XMR price witnessed buying from the beginning of February 2024. The price advanced by more than 65% from the lows.
Additionally, the most recent price action showed the formation of a descending triangle. The token price had also broken out and sustained above the same.
Let’s Further look Into XMR Crypto Technical Indicators
The 50-day and the 200-day EMAs traded in a golden crossover on the daily chart. The token price also sustained above those EMAs, showing strong bullish behavior in price.
XMR/USD Chart by TradingView
The XMR crypto price also traded above the Average True Range of Supertrend 10,3 on the daily chart.
The MACD line traded below the signal line on the daily chart. Before we consider this as a bearish indication, both the metrics traded in the bullish trajectory. That showed neutrality in the token price, and the histograms formed on the chart were also very small.
The RSI also was trading in a small range below the 14-day SMA. This again represented uncertainty in the price.
The Monero token price might take support at the $101.00 and $115.00 levels and face resistance at the $182.00 and $200.0 levels.
Disclaimer
This article is for informational purposes only and does not provide any 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.
