The overall trend for the Monero coin is still sideways. The recent correction in its price caused a 40% decline in price by dropping it to $180 support. Currently, the price shows an impressive recovery, which could climb back to $320 after knocking out the in-between $250 obstacle.
Monero Key technical figures
- The XMR coin bulls reclaimed the crucial EMAs(20, 50, 100, and 200)
- The intraday trading volume in the XMR coin is $227 Million, indicating an 8% loss.
Source- Tradingview
Previously, when we covered an article on Monero, the coin followed a descending parallel channel pattern, leading its retracement phase. On December 23rd, the price gave a decisive breakout from the resistance trendline, providing an entry opportunity for long traders.
Furthermore, the pattern breakout also fueled the price to surpass the horizontal level of $220 and continue to sail upward.
Though the sideways price action has caused the longer EMAs(100 and 200) to flatten, the recent recovery has crossed above these EMA levels, indicating a bullish trend. Moreover, the dynamic resistance of 20 EMA is flipped to potential support.
A striking growth in the Relative strength index(70) projects the rising strength of the market bulls.
XMR Coin Challenges The $250 Resistance Level
Source- Tradingview
This lower time frame chart shows a rounding bottom structure, which has brought the XMR coin to the $248 mark. From the lower support of $180, the coin has surged 40% and now faces another crucial resistance of $250. Once the price provides proper breakout and sustainability above this resistance, the coin has a better possibility of reaching the $300 or $320 mark.
In case the price is rejected from the overhead resistance, the price would show a bearish reverse and fall back to the lower levels. However, the crypto traders can still maintain a bullish sentiment until the price holds above $1.74.
The Moving average convergence divergence indicator states a bullish momentum for this coin as both the MACD and signal line approach the higher levels.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/monero-price-analysis-v-shaped-recovery-in-xmr-coin-walks-toward-the-320-mark/