Monero (XMR) price showcased a correction and was rejected from the supply zone of $170 and retested the support zone of $135 in the past sessions. XMR indicated volatility and signaling a significant upside above $150 to be witnessed soon. Buyers persisted in adding long positions, accumulating, and showing buying interest and willingness to sustain above $150. Furthermore, the correction has been completed, XMR is getting ready to retain the swings of $170, which, if it surpasses, will move to $200 in the following sessions.
XMR price is trading near neutrality and close to the round mark of $150, where bulls and bears showed equal interest. If the price sustains above $150, a short covering move could be seen toward $170, whereas if it slips below $150, it will retest $125 soon. However, the technicals suggest a rebound, and investors are showing interest and continue accumulating over the past sessions.
Monero is trading above the 20-day EMA and tried to surpass the 50-day EMA barrier to extend the buying momentum and will sustain above the round mark of $150. Moreover, the buyers looked strong and were trying for a healthy pullback to retain the swing of $170 in the following sessions. Furthermore, XMR retested the immediate support of $135 and rebounded from there, indicating that buyers have managed to stay in the zone with a solid grip.
At press time, XMR price was $146.70, with an intraday gain of 1.94%, showing a neutral chart structure. Moreover, the trading volume increased by 1.40% to $44.46 Million, and the pair of XMR/BTC is at 0.00550 BTC. However, the market cap of XMR coin is $2.71 Billion. Moreover, analysts maintained a neutral rating and suggested further volatility for the upcoming sessions.
XMR Price Action On Daily Charts
On the daily charts, the XMR price is trading below the 200-day EMA and near the round mark of $150. Moreover, the sellers persisted in putting in efforts and trying for a push that will lay down XRP below $150 for the upcoming sessions. XMR price is close to the 50% Fib zone and near the mid bollinger band, where a bounce can be seen in the upcoming sessions.
Short Term Chart Shows Consolidation
On the 4-hour charts, XMR price stayed inside the range and consolidated below the 200-day EMA for the past sessions. Furthermore, the price action shows that XMR price is trading close to the upper neckline, and a breakout can be anticipated.
The RSI curve stayed above neutrality and showed a bullish divergence, indicating a positive crossover on the charts.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a significant upside for the following sessions.
Monero (XMR) price is trading in a narrow range and waiting for a decisive move above the round mark of $150 to extend the buying momentum for the rally beyond the 200-day EMA. Moreover, the price action highlights the buying interest and accumulation. A breakout is likely in the following sessions.
Support Levels: $140 and $130
Resistance Levels: $150 and $160
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