Altcoin

Monero Price Analysis: XMR Remains Bullish On a Steady Pace

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3 hours ago | Azeez Mustapha

Monero Price: $81
Key XMR Resistance Levels: $90, $100
Key XMR Support Levels: $70, $60

*Price at the time of writing

Monero price long-term trend: Bullish

While the best-performing large cryptocurrencies have surpassed the late 2018 drop levels, Monero is yet to reach the bull zone. XMR is slowly climbing to the $115 level which preceded the November crash. If XMR can surpass this mark, it could be a strong guarantee that XMR has left the bearish zone completely. 

Buy/Sell Monero (XMR)

How to buy Monero (XMR) on Binance

Respecting the yellow trend line, the Monero market has followed a bullish sentiment. Evidently, the bulls have been gaining control of the market since the token made a u-turn in mid-December. As of the time of writing, Monero’s market cap $1.367 billion with, and $52.7 million worth of XMR has changed hands during the last 24 hours. 

The next bullish move is likely to meet resistance at the $90 and $100 price levels. In the opposite move, a bearish move can be expected at around $70 and $60, bottoming on the yellow trend line. Breaking down the yellow line may result in a bearish scenario.

The daily MACD has revealed the ongoing bullish move, operating above the zero level. Additionally, the daily RSI has been playing positive since it climbed up the 50 level in February. At this moment, the bulls are in play.

XMR Daily Chart

Monero price medium-term trend: Bullish

After rising to $72 in early April, XMR carved and followed an ascending channel pattern as the price action moves within the trend lines. Two days ago, the price broke-up the channel and remained trading above. The $76 break area now acts as support for the market. Currently trading at around $82, the next possible resistance for XMR to watch out for lies at $88 and above.

In case of a price drop, a break below the $76 support may lead XMR back to the channel boundaries. A further drop below the lower channel may lead the sellers into action; positioning the market in a bearish zone. As of now, the bulls are in control of the market.

On the 4-hour MACD, the XMR market appears to be following a bullish move as price waves above the zero level. As suggested by the 4-hour RSI, a positive move is revealed as the trend remains upward for the past three days.

XMR 4 Hour chart

Monero price short-term trend: Bullish

The XMR market is convincingly bullish on a short-term outlook as the token follows a higher high, higher low pattern in an ascending channel. In fact, this shows that the buyers are in control of this market.

The positive move is quite significant for smart traders and investors as the ongoing impulsive move is targeted at around the $86 resistance level, testing the upper channel.

For a slight drop, near-by support is provided at around $79 before the bullish rally continues. If the market breaks this support, Monero may slump to $74, falling into a bearish zone. Both the hourly MACD and the RSI indicators are signaling the positive move.

XMR 1 Hour Chart


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