Monero Price Analysis: As bulls spotted the hidden bullish pattern, XMR accelerated 

• The monero coin has been continuing to move towards the ATH Mark after noticing the double bottom formation.
• The XMR coin saw moreover 145% jump in its trading volume over the last 24-hours. 
• The daily price chart of XMR is exchanging above the 20,50,100 and 200-day moving averages.

The Monero coin price appears to be in the solid bullish territory as the price relimed moreover 6% this week. However,  the virtual currency had been fluctuating in the same falling parallel channel for about the last five months (white). Unfavorable trade volumes had breached the subsequent channel by January 22, and $134 was disclosed as the first 2022 year low. Since then, XMR Coin’s price behavior has developed a double bottom (blue) structure on the daily price chart.

Over the past several days, the bears have barely managed to hold XMR below the $230 mark-resistance level, but last night, the bulls breached this barrier with a 10% rise in their costs. However, at the time of writing, the XMR coin was slightly bearish and trading at $232.2. Moreover, Monero’s price is trading 4% higher at 0.005445 satoshis along with the bitcoin pair.

Bulls signaled aggression after struggling with low liquidation, with the trading volume of XMR Coin jumping over 145%. Furthermore, the volume to market capitalization ratio is 0.0984.

The accumulation phase of XMR Coin is over

XMR is trading above the 20, 50, 100, and 200-day moving averages in the context of the daily price chart. The 20 EMA (Green) was a support level for the bulls at the $215-mark.

The Relative Strength Index (RSI) is looking bullish above the halfway line (50 points) in the context of the daily price chart. Although there are several attempts towards the bottom of the indicator, it is not heading towards the bearish zone, with the coin rising sharply.

The Average Directional Index (ADX) is present at 45 points, which suggests strong strength in the directional trend of the XMR coin.

Conclusion

Monero coin is near the next bullish barrier of $250, and for more rallies, bulls need to break this barrier as soon as possible; Otherwise, the bears may form a selling point in this area.

Support levels – $200 and $140

Resistance level – $220 and $300

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

ALSO READ: Crypto interest aroused for R. Kiyosaki due to inflation 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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