- XMR coin price is trading at the supply zone after bouncing off the demand zone.
- The XMR coin price is forming a symmetrical triangle pattern on a daily time frame.
- The pair of XMR/BCT is trading at the price level of 0.0008651 with an increase of 0.95% in the past 24 hours.
The XMR coin price, as per the price action, is forming a symmetrical triangle chart pattern. The coin price is forming lower low formation from the supply zone and higher high formation further from the demand zone. At present, the coin is trading in a narrow range and therefore breakout on either side will trigger big moves.
The coin price can reach the $163.45 long-term supply zone if it breaks out of the symmetrical triangle pattern. On a higher time frame, the coin price has fallen heavily and is making a lower low formation. To deny the continuation of the bearish trend on a higher time frame, the coin price needs to break out of the symmetrical triangle pattern the n on the upside. The XMR coin price is trading in the middle of the Bollinger band indicator, after bouncing off the demand zone.
The XMR coin price is trading below all the important moving averages. The 50 and 100 MA can act as a strong supply zone in future as the coin price tries to move up. Although the coin price has given a breakout of 14 SMA, a breakout of symmetrical triangles is needed for a further up move. Volumes have been on a rise as the coin rivers around the supply zone.
The XMR coin price is forming a symmetrical triangle pattern on the a daily time frame
Relative Strength Index: RSI curve is trading at the price of 47.00 as the coin nears the supply area. At present, the RSI curve has crossed the 20 SMA. The coin is forming higher low and higher high formation on a 4-hour time frame as the coin shows bullishness in the higher time frame. The XMR coin price can be seen moving when it breaks out of the rounding bottom and the RSI curve moves higher.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the coin gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This has resulted in the coin price moving up strongly in a 4-hour time frame. Recently the XMR coin price fell after the breakout of small resistance, as a result, the MACD indicator also depicted the same. Once the coin price starts moving up again after retesting, the gap between the blue and orange lines can be seen widening supporting the trend.
Supertrend: The XMR coin price rose above the supply zone with a strong bullish candlestick pattern. The coin broke out of the super trend sell line which triggered the buy signal. As of now the XMR coin is trading above the super trend buy signal line. Going forward this line could act as a strong support zone.
Conclusion: XMR coin price is trading in a strong bullish trend as seen on a 4-hour time frame. While on a daily time frame the coin price has been consolidating near the supply zone. The coin price is forming a symmetrical triangle pattern on a daily time frame. Investors should wait for a breakout of a symmetrical triangle and then act accordingly.
Support: $136.6 and $121.50
Resistance: $153.60 and $163.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/20/xmr-coin-price-analysis-xmr-coin-transacts-inside-a-small-range/