- Monero price prediction suggests that the token has been trying to maintain itself inside the rising parallel channel over the daily time frame chart.
- XMR crypto has recovered above 20, 50, 100 and 200-days Daily Moving Average.
- The pair of XMR/BTC is at 0.007631 BTC with an intraday drop of 3.21%.
Over the daily price chart, the price of Monero is attempting to recover through an ascending channel. The coin is currently recovering as it trades up towards the channel’s upper trendline. The current upward momentum must be maintained for the XMR currency to rebound and reach a respectable resistance level. To allow the token to break free of the ascending parallel channel with a powerful bullish rally, XMR bulls must keep the upward momentum going. Bears are attempting to short the XMR market, though. The bear market’s effects make it difficult for cryptocurrencies like XMR to fully recover. Investors in XMR must hold off until bulls maintain their position at the rising parallel channel’s top trendline.
The estimated price of Monero was $176.69, and in the previous day, it had lost 0.12% of its market value. However, during the intraday trading session, trading volume fell by 4.04%. This demonstrates that bulls are losing the game to bears who are attempting to pull the token. The market cap to volume ratio is 0.02229.
For the price of XMR to soar toward the ascending channel’s top trendline, additional buyers are needed. As for the accumulation of bulls, it is not sufficient as seen by volume change, and it needs to be raised for XMR to soar. To show its recovery phase on the daily price chart, the XMR coin price must surge toward the upper trendline.
What do Technical Indicators Suggest about XMR?
A rising parallel channel is being used by XMR Crypto to track its recovery on the daily price chart. To maximize recovery, the token must keep moving inside the channel and push past the acceptable resistance level. Technical indicators point to the XMR coin’s rising momentum.
The relative Strength Index highlights the XMR coin’s upward momentum. At 57, the RSI is attempting to climb towards the overbought zone. The positive momentum of the XMR coin is visible on MACD. A positive crossover will occur when the MACD line crosses the signal line upward.
Summary
Over the daily price chart, the price of Monero is attempting to recover through an ascending channel. The coin is currently recovering as it trades up towards the channel’s upper trendline. As for the accumulation of bulls, it is not sufficient as seen by volume change, and it needs to be raised for XMR to soar. Technical indicators point to the XMR coin’s rising momentum. A positive crossover will occur when the MACD line crosses the signal line upward.
Technical Levels
Support Levels: $172 and $162
Resistance Levels: $180 and $190
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/2023/01/23/monero-price-prediction-xmr-crypto-maintaining-itself-inside-the-rising-channel/