Monero Price continues to consolidate; $150 is magnet in XMR

• Monero Price continues to consolidate in a narrow range between $140 to $160.
• XMR Price might perform in the long term after range expansion.
• The XMR crypto is trading near the 50 and 200 day EMA and the trend is not clear.

Monero Price continues to consolidate and looks like fresh buyers are not interested in building the position on any side. It needs some strong buying to expand the range upward else the bears will take over the control and pull the prices down. 

From the past three months, XMR Price has been consolidating in the range between $140.00 to 160.00. Buyers had tried multiple times to break out of the range but got rejection. It shows that buyers and sellers are trading inside the range and look for booking the profits on the boundaries. 

The 50 and 200 Exponential moving averages are also sloping sideways denoting no clear direction is visible. In the current situation, Monero price will only get momentum when the overall crypto market begins to perform. 

However, the crypto market leaders Bitcoin and Ethereum Price also do not show any signs of sharp up-move or down-move. Therefore, XMR traders will have to wait for some time for the range expansion. 

Monero Price is trading at $149.00 with an intraday rise of 0.47%. The 24 hour volume to market cap ratio is 0.0199. The pair of XMR/BTC is trading at 0.005485 with an intraday rise of 0.13%.

Monero Price formed a strong base near $140

Monero Price defends the $140.00 support shows that buyers are active at lower levels. But, we need strong buying with a higher volume to gain the confidence of investors. 

Till the price holds $140.00 support the probability of range expansion will remain in favor of bulls. However, if the price drops below $140.00 then we may expect that bears have taken over the control and fall is about to begin. 

XMR Price performed well in the beginning of 2023 and made a high at $187.00. After then the profit booking began which eroded the 50% of the gains. However, the prices showed minor recovery from lower levels but were unable to test the previous highs. 

The technical analysis suggests XMR made a strong base near $140.00 and the 3 month consolidation can be interpreted as long term base formation. 

XMR Price: Technical outlook

XMR Price is mildly bullish on a weekly time frame but until the $160.00 breaks the momentum will lack. The trading volume in the XMR crypto remains stable shows liquidity is high. 

Technical indicators like the MACD curve are sloping down and generating a negative crossover. It indicates bearishness. The RSI at 44 sloping upward denotes the prices are likely to reach the neutral territory in the coming few weeks.

Conclusion

Monero price consolidating in a narrow range for quite a long time. It can be interpreted as base formation. XMR price will gain momentum when the overall crypto market will perform. The technical analysis says, XMR crypto price lacked direction and no signs of up-move or down-move are visible. 

Technical levels

Resistance levels: $166.00 and $187.00

Support levels: $140.00 and $132.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.